As a result, the UK economy stagnated in the moving quarter ending in May.
After recording a slight increase in April this year, the UK economy contracted in May, according to data published by the Office for National Statistics this Thursday (13/7).ONS)
British GDP contracted by 0.1% in May, after rising 0.2% in the previous month, according to revised data by the ONS. As a result, the UK economy stagnated in the moving quarter ending in May.
On an annualized basis, UK GDP fell 0.4% compared to May 2022, compared with a 0.7% decline in April.
Departments
Manufacturing in the country fell 0.6% in May, widening losses after a 0.2% fall in April, according to the ONS.
The civil construction sector fell 0.2% after falling 0.9% in the previous month. On the other hand, the services sector recorded stability compared to a 0.3% rise in April.
Unemployment
Tuesday (7/11), according to the report Metropolises, the ONS released UK unemployment data. The index was 4% in the moving quarter ended May.
The unemployment rate rose 0.2 percentage points from the previous moving quarter, when it stood at 3.8%.
UK
According to International Monetary Fund (IMF) data, the United Kingdom is the fifth largest economy in the world. British GDP is surpassed only by the US, China, Japan and Germany.
Henry Blackwell is a contributor at Mediarunsearch.co.uk, covering a wide range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on delivering clear, balanced reporting and useful information that helps readers stay informed about current events and emerging developments. His work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism.