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UK Executive Report summary

May 2022

Period covered: Period covered: April 2022

Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.

GDP

  • UK GDP is estimated to have increased by 00% in Q1 2022. This is 0.7% above its pre-pandemic level (Q4 2019). On a monthly basis, GDP fell by 00% in March 2022, after flat growth in February and a 00% rise in January.

Confidence

  • GfK’s Consumer Confidence barometer is now at the lowest level since records began, dropping 00 points to 00 in May.

Inflation

  • The headline rate for inflation rose by 00 percentage points to 00% YoY in April (7.0% last month) – the highest level for 40 years.

Labour Market

  • The latest unemployment estimates show a 0.3 percentage point drop on the previous quarter to 00% in the three months to March. Regular pay growth (exc. Bonuses) rose 00% over the same period but fell 00% in real terms (adjusted for inflation).

Retail sales

  • Retail sales increased 00% YoY in April against a 49.7% rise a year earlier, according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted). However, most of the growth in retail sales reflects rising prices rather than increased volumes.

Credit and housing market

  • Bank of England figures showed consumers’ net borrowing of mortgage debt decreased to £00 billion in April, down from £00 billion in March – providing early signs of a slowing housing market. 

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UK economy expands in Q1 2022, but recession fears growing

Source: ONS, Retail Economics

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