Men work in the Farrat factory in Altrincham, Britain, May 12, 2023. REUTERS/Carl Recine/File photo
In May, despite strikes and an extra bank holiday to celebrate King Charles’ coronation, Britain’s economy saw a smaller-than-expected contraction, positioning it to avoid a decline for the entire second quarter. The Office for National Statistics (ONS) reported a 0.1 percent decrease in economic output in May, following a 0.2 percent growth in the previous month. Economists had predicted a contraction of 0.3 percent, according to a Reuters poll. While all sectors of the economy, except services, contracted in May, the ONS noted that the arts, entertainment, recreation, hotels, and restaurants benefitted from the bank holiday. However, strikes in the health, rail, and education sectors had a negative impact on output. The ONS stated that a drop of less than 0.1 percent in economic output for June would prevent a contraction for the second quarter as a whole.
Historically, Britain’s economy tends to rebound in following months after temporary setbacks caused by additional bank holidays.
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