A bounce back in services, manufacturing and construction was behind an unexpected rise in the economy in May which saw growth of 0.5 per cent
Figures from the Office for National Statistics saw services up 0.4%, manufacturing up 1.4% and construction up 1.5% with Monthly GDP now estimated to be 1.7% above its pre-coronavirus pandemic levels
Darren Morgan, ONS director for economic statistics, said: “The economy rebounded in May with growth across all main sectors.
“Health was the biggest driver with many more people seeing GPs, despite test and trace and the vaccination programmes winding down.
Ben Jones, CBI Lead Economist, 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.
“Yet growth policy is about more than this and concerns the policies of virtually every department. Only a broad plan can be effective.”
