UK economic growth better than expected in May
14 Jul 2022
The UK economy grew in May, bouncing back after shrinking in April and March, according to the latest figures from the Office for National Statistics (ONS).
The ONS said that the economy grew by 0.5% in May after it contracted by 0.2% the month before. Analysts had predicted growth of just 0.1%. Many have warned the UK risks going into recession later this year.
Growth in the construction industry and a large rise in GP appointments helped to boost the economy, according to the ONS.
Commenting on the figures, Ben Jones, Lead Economist at the Confederation of British Industry (CBI), said: 'Economic growth in May was stronger than expected. However, GDP data is volatile at the moment.
'This is in part due to the impact of the Jubilee bank holidays, and this noise will continue to obscure the true state of the economy over the next few months. In reality, CBI surveys and real-time data point to subdued economic momentum.
'The priority of the next Prime Minister must be getting the economy growing again. Tax policy is an important part of this, but we need tax changes that drive investment rather than fuel inflation.'