Home Breaking News UK economy boomed in May – here’s what you need to know

UK economy boomed in May – here’s what you need to know

by LLB Editor
9th Jul 21 7:24 am

The UK economy grew by 0.8% in May after coronavirus restrictions eased, according to the Office for National Statistics.

It comes as pubs and restaurants were allowed to serve indoors, official figures show.

But the economy is still 3.1% below pre-pandemic levels, the ONS said.

Here’s what you need to know:

  • UK gross domestic product (GDP) is estimated to have grown by 0.8% in May 2021, the fourth consecutive month of growth, but remains 3.1% below the pre-coronavirus (COVID-19) pandemic levels seen in February 2020.
  • The service sector grew by 0.9% in May 2021 – accommodation and food service activities grew by 37.1% as restaurants and pubs welcomed customers back indoors following the easing of coronavirus restrictions.
  • Output in the production sector returned to growth in May 2021, at 0.8%, mainly because of adverse weather conditions in May boosting output in electricity, gas and air supply.
  • Output in the manufacture of transport equipment fell by 16.5%, its largest fall since April 2020 as microchip shortages disrupted car production.
  • The construction sector contracted for a second consecutive month in May 2021, by 0.8%, but remains 0.3% above its pre-pandemic level in February 2020.

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