beijingwalker
ELITE MEMBER
- Joined
- Nov 4, 2011
- Messages
- 65,195
- Reaction score
- -55
- Country
- Location
UK economy shifts back to reverse as GDP falls in May
July 13 2023
Sam Metcalf
The UK economy has went into reverse in May as GDP fell by 0.1% after growth of 0.2% in April.
Economists have pointed to the extra bank holiday for the King’s Coronation for the economy shrinking, but at the broader picture, GDP has shown no growth in the three months to May 2023.
Data from the Office for National Statistics (ONS) shows that production output fell by 0.6% in May after a fall of 0.2% in April.
The construction sector fell by a further 0.2% in May 2023 following a fall of 0.9% in April.
Services output showed no growth in May 2023 following growth of 0.3% in April.
Output in consumer-facing services fell by 0.2% in May 2023 following growth of 1.1% in April.
Mike Randall, CEO of Simply Asset Finance, said: “A sharp U-turn for GDP as output declines in May after slender growth in the month prior, but many will be hoping this is just a small knockback for overall growth in 2023.”
“For businesses in particular, a fall in GDP figures can be disheartening, but it’s important to consider the broader picture when looking at growth. In Q1 this year for example, the economy has already seen a 0.1% increase in GDP, while industry bodies such as the BCC and KPMG forecast overall economic growth to reach 0.3% in 2023.
“We know that businesses remain resilient, and while this decline may knock confidence, it shouldn’t be a reflection on their efforts – rather a sign of growing economic pressures, and a lack of support systems in place. SMEs are the cornerstone of UK business output, and it’s vital they receive the support they need to thrive and enable the growth of our economy.”
https://www.thebusinessdesk.com/wes...-back-to-reverse-as-gdp-falls-in-may#comments
July 13 2023
Sam Metcalf
The UK economy has went into reverse in May as GDP fell by 0.1% after growth of 0.2% in April.
Economists have pointed to the extra bank holiday for the King’s Coronation for the economy shrinking, but at the broader picture, GDP has shown no growth in the three months to May 2023.
Data from the Office for National Statistics (ONS) shows that production output fell by 0.6% in May after a fall of 0.2% in April.
The construction sector fell by a further 0.2% in May 2023 following a fall of 0.9% in April.
Services output showed no growth in May 2023 following growth of 0.3% in April.
Output in consumer-facing services fell by 0.2% in May 2023 following growth of 1.1% in April.
Mike Randall, CEO of Simply Asset Finance, said: “A sharp U-turn for GDP as output declines in May after slender growth in the month prior, but many will be hoping this is just a small knockback for overall growth in 2023.”
“For businesses in particular, a fall in GDP figures can be disheartening, but it’s important to consider the broader picture when looking at growth. In Q1 this year for example, the economy has already seen a 0.1% increase in GDP, while industry bodies such as the BCC and KPMG forecast overall economic growth to reach 0.3% in 2023.
“We know that businesses remain resilient, and while this decline may knock confidence, it shouldn’t be a reflection on their efforts – rather a sign of growing economic pressures, and a lack of support systems in place. SMEs are the cornerstone of UK business output, and it’s vital they receive the support they need to thrive and enable the growth of our economy.”
https://www.thebusinessdesk.com/wes...-back-to-reverse-as-gdp-falls-in-may#comments
UK economy shifts back to reverse as GDP falls in May | TheBusinessDesk.com
King's Coronation blamed for shrinking economy in May
www.thebusinessdesk.com
