UK's GDP increases 0.4% in May 2024

The UK's monthly real gross domestic product (GDP) is estimated to have grown by 0.4 per cent in May 2024, following stagnant growth in April 2024, according to the Office for National Statistics (ONS).

In May 2024, production output grew by 0.2 per cent, recovering from an unrevised fall of 0.9 per cent in April 2024. The primary driver of this growth was a 0.4 per cent increase in manufacturing output, with seven of the 13 manufacturing sub-sectors showing positive growth. However, the manufacturing of textiles, wearing apparel, and leather products declined, negatively impacting overall manufacturing growth.

Real GDP is estimated to have grown by 0.9 per cent in the three months leading up to May 2024, compared with the three months ending in February 2024. This represents the strongest three-month growth since January 2022. Over this period, production output showed no growth, as per ONS.

Looking at the longer term, GDP grew by 1 per cent in the three months to May 2024 compared with the same period in 2023. Additionally, GDP in May 2024 was 1.4 per cent higher compared with May 2023.

Fibre2Fashion News Desk (DP)