Economists had been expecting the economy to shrink slightly more. Deutsche Bank thought the monthly GDP decline would be 0.3 per cent, while Investec Economics had predicted 0.5 per cent.director for economic statistics at the ONS,
“Meanwhile, despite the coronation bank holiday, pubs and bars saw sales fall after a strong April. Employment agencies also saw another poor month. “The best way to get growth going again and ease the pressure on families is to bring inflation down as quickly as possible.A range of manufacturing industries and businesses within construction, which fell by 0.2 per cent in May following a fall of 0.9 per cent in April, cited the additional bank holiday for the Coronation of King Charles on Monday 8 May as a reason for reduced output.
But the ONS reported the additional bank holiday appears to have had a positive impact on some sectors.