New figures from the Office of National Statistics show the UK growth in the 12 months to May 2022 was a very healthy 3.5%.

The latest figures also show UK GDP rose by 0.5% in May, beating all analysts’ predictions.

The UK’s GDP rose in all three key areas: services, manufacturing and construction with the newest figures showing the UK economy is now well above pre-pandemic levels. This is in contrast to the EU economy which is still well below pre-Covid levels.

According to the Office for National Statistics: “Monthly [UK] GDP is now estimated to be 1.7% above its pre-coronavirus (COVID-19) pandemic levels.” Whereas the EU’s official statistics agency Eurostat report EU GDP figures remain 0.8% below the 2019 pre-COVID level.

All main sectors of the UK economy contributed positively to the growth said Darren Morgan, ONS director for economic statistics:

“Road hauliers had a busy month, while travel agencies fared well with pent up demand for summer holidays.

“There was widespread growth across manufacturing after several tough months, while construction also fared well with housebuilding and office refurbishment driving growth.”

The new figures show UK services grew by 0.4% and were a significant factor in the growth between April and May. Human health and social work activities grew by 2.1%. Production grew by 0.9% as producer input prices rose to the highest levels since records began in January 1985.

Reacting to the GDP figures, the new chancellor Nadhim Zahawi said:

“It is always great to see the economy growing but I am not complacent. I know people are concerned so we are continuing to support families and economic growth.

“We are working alongside the Bank of England to bear down on inflation and I am confident we can create a stronger economy for everyone across the UK.”



Please enter your comment!
Please enter your name here