The UK economy experienced growth in May 2024, according to the Office for National Statistics (ONS), marking a notable shift after stagnant economic performance in April.
- Real GDP increased by 0.4% in May, driven by improvements across service, production, and construction sectors.
- Service output rose by 0.3% with retail sales rebounding 2.9% from a prior decline attributed to adverse weather conditions.
- A significant 1.9% growth in the construction sector was the strongest in nearly a year, bolstered by house building and infrastructure projects.
- Economic growth in the three months to May reached 0.9%, largely due to a 0.9% increase in retail trade output.
The United Kingdom’s real gross domestic product (GDP) expanded by 0.4% in May 2024, following a month of zero growth in April as reported by the Office for National Statistics (ONS). This improvement was facilitated by positive performance in key sectors including services, production, and construction.
The service sector contributed a 0.3% rise, supported by a notable 2.9% recovery in retail sales after a 1.8% decline in April that was impacted by unfavourable weather conditions. The retail sector’s rebound played a crucial role in the positive shift in the service output.
Among the most impressive developments was the 1.9% growth observed in the construction sector, marking its fastest growth in nearly a year. The upturn was driven by activities in house building and infrastructure projects, highlighting a robust recovery after previous weaknesses.
Additionally, the production output recorded a modest 0.2% increase, with manufacturing showing particular strength from food and drink companies.
In a broader sense, the GDP growth over the three months leading to May was 0.9%, showing an improved economic trajectory compared to the three months ending in February. This growth was significantly supported by a 1.1% increase in services output, with consumer-facing services advancing by 0.5%.
ONS director of economic statistics, Liz McKeown, remarked, “The economy grew strongly in May with all the main sectors seeing increases. Many retailers and wholesalers had a good month, with both bouncing back from a weak April.” Her statement underlines the collective sectoral contributions to the positive economic performance.
The UK economy’s growth in May reflects resilience and recovery across key sectors despite earlier challenges.
