Demand for holidays helps economy rebound in May
The pent-up demand for holidays has fuelled a surprising rebound in the UK economy.
It helped gross domestic product (GDP) grow by 0.5% in May, the Office for National Statistics (ONS) said.
This comes despite the cost-of-living crisis.
It contrasts a 0.2% drop in April.
Analysts had expected the economy to remain stagnant in May.
The ONS said growth in the services sector advanced thanks to summer holidays with travel agency and tour operation volumes up by 11%.
Darren Morgan, director for economic statistics at the ONS, said: “Road hauliers had a busy month, while travel agencies fared well with pent-up demand for summer holidays.”
New Chancellor Nadhim Zahawi welcomed May’s better-than-fexpected figures, but is not expecting a sustained rebound with inflation at 40-year highs.
“I know people are concerned so we are continuing to support families and economic growth,” he said:
Ray Monty
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