UK GDP grew 0.8% in May

The Gross Domestic Production (Gross Domestic Product) for the United Kingdom grew 0.8% last May, compared to the previous month, but 3.1% lower than the previous level covid pandemicThe National Statistics Office (ONS, in English) reported Friday.

The source added that the services sector, which is the economic pillar of the country, rose by 0.9%, while the industrial sector declined by 0.1%, and the construction sector declined by 0.8%.

In May, all economic sectors remained below the levels they were before the outbreak of the coronavirus pandemic in early 2020, according to the Office for National Statistics.

“The economy grew for the fourth consecutive month, albeit at a slower pace,” ONS Deputy Director Jonathan Athow said today, adding that “bars” and restaurants, which were able to welcome customers back, were responsible for the growth in May. “The hotels showed a remarkable recovery with the lifting of restrictions,” he added.

In March, schools reopened, and soon after, stores selling non-essential products did so, while on May 17 the ban on overseas travel on vacation was lifted. On July 19, the last restrictions will be lifted in England.

The government decided to keep the job retention scheme until September, which is why it helps pay a large part of the salaries of workers affected by the pandemic.

The Bank of England recently estimated that GDP will grow by 7.25% in 2021, up from 5% previously calculated.

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