GDP grows 'slower than expected' at 1.8% in May: ONS
Figures released today by the Office for National Statistics (ONS) show that, in the three months to May, the UK economy shrank by 19.1%.
The figures for May show a slight increase of 1.8% in GDP as more people returned to work following April's full lockdown.
While figures for May have left some economists disappointed, there are hopes that June and July, which have seen significant roll backs of restrictions, could lead to a V or even U shaped economic recovery.
Melanie Baker, senior economist at Royal London Asset Management said:
“This morning’s data shows that the economy needs ongoing policy support; support measures already in place should be withdrawn only very cautiously.
“The early stage recovery in the UK was weaker than expected, but this is unlikely to be the final word on what happened to the economy in May, with the ONS citing more uncertainty than usual around the GDP estimates.”
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