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GDP Monthly Estimate: May 2023

UK GDP is estimated to have fallen by 0.1% in May

Monthly GDP index, February 2007 until May 2023, 2019 = 100. Source: ONS

  • GDP fell by an estimated 0.1% in May 2023, following growth of 0.2% in April 2023. 
  • The UK economy did not grow in the three months to May.
  • Services showed no growth in May, while consumer-facing services output fell by 0.2% in the month. Production output decreased by 0.6%, while the construction sector fell by 0.2%.

Services (0.0%) 

  • Services output showed no growth in May, following growth of 0.3% in April. 
  • The largest positive contributor was Human health and social work activities (1.1%), while the largest negative contributor was wholesale and retail trade and repair of motor vehicles and motorcycles (-0.5%).
  • Output in consumer-facing services fell by 0.2% in May, following growth of 1.1% in April. 
  • The largest negative contributor was food and beverage service activities, which fell by 1.1% following growth of 2.4% in April. 
  • Consumer-facing services were 8.8% below their pre-pandemic levels (Feb 2020) in May, while all other services were 2.0% above.
  • Overall, the services sector saw no growth in the three months to May compared with the three months to February 2023.

Production (-0.6%) 

  • Production output fell by 0.6% in May, following a fall of 0.2% in April. 
  • Electricity, gas, steam and air conditioning supply was the largest negative contributor, falling by 2.0% in the month.
  • Overall, production increased by 0.4% in the three months to May, compared with the three months to February, driven primarily by a 0.8% increase in manufacturing.

Construction (-0.2%) 

  • Construction output fell 0.2% in May, marking the third consecutive month-on-month fall. This was driven by a 0.4% decrease in new work, while repair and maintenance showed no growth (0.0%).

GDP Sector Breakdown

Source: ONS

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