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.
