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Updated · bbc.co.uk · Jul 16UK Economy Grows 0.1% in May as Services Offset Production and Construction Falls
3 articles · Updated · bbc.co.uk · Jul 16Summary
- 0.1% growth in May returned the UK economy to expansion after a slight contraction in April, according to Office for National Statistics data.
- Services drove the monthly increase, while declines in production and construction limited the overall gain.
- 0.7% growth over the three months to May suggests output still rose solidly on a broader basis despite the weak monthly pace.
- April's dip had come as the US-Israel war with Iran began to weigh on businesses, leaving May's rebound modest rather than broad-based.
Insights
The UK economy officially grew, so why are businesses and key indicators now flashing recession warnings? As foreign wars repeatedly cripple the economy, what is the UK's long-term plan for self-sufficiency?