Surprise: the UK is growing, in the face of the EU
Good news for London and a bit of a surprise comes from the British GDP data for May. The UK economy experienced an unexpected 0.5% month-on-month expansion in May 2022, recovering from the 0.2% contraction seen in April and beating market forecasts for a flat reading . Service production grew 0.4% in May, driven by health and social activities (2.1%), mainly due to a sharp increase in medical visits, which offset the continued downsizing of NHS Test vaccination programs and Trace and COVID-19, now gradually being abandoned. In addition, production grew by 0.9%, driven by growth of 1.4% in the manufacturing sector and 0.3% in utilities. The construction sector grew by 1.5%. On the other hand, production of consumer-facing services fell by 0.1%, due to a 0.5% drop in retail and a 5.3% drop in sports, entertainment and of leisure. Travel industry production increased by 11%, thanks to British bookings after the end of COVID restrictions. GDP is now 1.7% higher than pre-coronavirus pandemic levels in February 2020. The problem is that Brits often can't get away. Here is a graph showing the trend of growth
In the end, despite Brexit, or thanks to it, the United Kingdom seems to be doing better than many EU countries, despite the fact that the energy crisis has also been very impactful for London. It must have been a different management of the crisis, but it seems that they are doing better….
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The article Surprise: the United Kingdom is growing, in the face of the EU comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/sorpresa-il-regno-unito-cresce-alla-faccia-della-ue/ on Wed, 13 Jul 2022 13:41:34 +0000.