UK economy shrinks for second month running in May business live

"The UK economy has shrunk for the second month running, with GDP contracting by 0.1% in May, disappointing expectations for growth."

"The contraction in May follows a 0.3% drop in GDP in April, indicating ongoing economic vulnerability."

"Industrial production and construction work slumped, though there was modest growth in the services sector."

"Economists emphasize that the UK faces a sluggish recovery amid ongoing trade uncertainty and rising business costs."

The UK economy has faced a contraction for the second month in a row, with GDP decreasing by 0.1% in May, contrary to an anticipated growth. This follows a 0.3% decline in April, suggesting ongoing economic challenges. The slump was primarily driven by decreases in industrial production and construction work; however, services experienced slight growth. Monthly services output increased by 0.1% in May after a revision, while production and construction outputs both fell. Economists warn of a prolonged sluggish recovery in the UK economy, fueled by trade uncertainty and rising costs.

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