Key Facts

• The UK economy shrank by 0.1% in May 2023.
• This was the second month in a row of economic contraction.
• Analysts had predicted a slight growth instead of a decline.
• The drop was mainly caused by decreased manufacturing and weak retail sales.
• Oil and gas extraction, as well as car-making, also decreased.
• The services sector, which includes businesses like legal firms, grew overall in May.
• The economy had grown by 0.5% in the three months leading up to May.
• The latest figures add pressure on the UK government, which aims to boost economic growth.