UK GDP up 0.5% in May after two months of decline
UK GDP up 0.5% in May after ...
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UK GDP up 0.5% in May after two months of decline

13 July 2022
2 min.
UK GDP up 0.5% in May after two months of decline

After two months of decline

The United Kingdom's GDP showed growth of 0.5 per cent in May after falling for two months in a row, according to a report released Wednesday by the United Kingdom's National Statistics Service. This is stated in a report published on Wednesday by the National Statistics Service of the United Kingdom.

It is noted that the increase in the GDP indicator was greatly contributed by the economic growth of the construction industry in the UK, as well as the beginning of the summer tourist season. At the same time, the report pointed out that due to higher production costs, British companies engaged in various sectors of the economy were forced to raise the prices of their products.

The kingdom's GDP fell by 0.1% in March amid rising energy prices in Europe, and by 0.2% in April.

British Finance Minister Nadhim Zahawi, who is vying for the leadership of the ruling Conservative Party and Prime Minister after the resignation of Boris Johnson, said that despite higher-than-expected GDP growth in May, the authorities intend to further increase support for the least socially protected groups of population in light of the energy crisis.

It is worth noting that the Centre for Economics and Business Research in London released a report in March which warned that the UK is at risk of facing its biggest fall in living standards since the 1950s. Inflation in the kingdom rose to an annual rate of 9.1% at the end of May, the highest in 40 years. The Bank of England's latest estimate is that the country's inflation rate will rise to 11% in the autumn.

An increase in fuel exports to the EU, reflecting the region's weaker dependence on Russian energy, has helped boost UK trade with the bloc.

Despite May's positive figures, the UK's economic performance "could prove a poisoned cup for whoever wins the race for the next prime minister, whether they cut taxes or not," said Paul Dales, pointing to the likelihood of a further drop in real household incomes in the third quarter.

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