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UK economy grows at slower pace as coronavirus hits recovery

Christian Fernsby ▼ | July 14, 2020
The UK economy staged a mild recovery in May, following a historic fall in April according to the latest figures from the Office for National Statistics on Tuesday.
Recovery   UK
UK gross domestic product edged up 1.8% month-on-month in May, following a 20% drop in April which was the biggest monthly fall since the series began. Market consensus had expected GDP growth to come in at 5.0% in May.

ONS said UK industrial production fell 20% in May on a year before, after having decreased 24% in April. The April fall was the biggest drop since records began. The May reading was in line with market expectations.

UK manufacturing production fell 23% year-on-year in May, having plunged at a record 29% in April. The May reading beat market expectations for a 24% decline.

The UK's total trade surplus was GBP4.3 billion in May, widened from GBP305 million in April.