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.
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.
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