UK GDP dips 0.1% in May

'No growth' in three months

The UK's gross domestic product shrank by 0.1% in May, the Office for National Statistics said today (13 July).

The dip came after 0.2% growth in April 2023, but looking more broadly, GDP showed "no sign of growth" in the three months to May 2023 when compared with the three months to February 2023, the ONS said, considering it fell 0.3% in March 2023. Production output decreased by 0.6% over the month, after a 0.2% dip in April, making it the main contributing sector for the GDP decrease in May. According to the ONS, the extra bank holiday on 8 May also contributed to the economic contraction. The construction sector also fell by 0.2% after a decrease of 0.9% in April, alongside output in cons...