UK economy grows but fears remain over rising priceson July 13, 2022 at 9:43 am

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The economy grew by 0.5% in May, higher than most economists expected.

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The UK economy grew in May, bouncing back after shrinking in April and March, official figures show.

The economy grew by 0.5% in May, the Office for National Statistics (ONS) said, after it contracted by 0.2% the month before.

Analysts had predicted growth of just 0.1%. Many have warned the UK risks going into recession later this year.

Growth in the construction industry and a large rise in GP appointments helped to boost the economy, the ONS said.

Darren Morgan, director of economic statistics at the ONS, said the UK economy had “rebounded” with growth across the main sectors.

“Health was the biggest driver with many more peoples seeing GPs, despite test and trace and the vaccination programmes winding down,” he said.

Mr Morgan added that road haulage also had a “busy” May, while travel agencies saw a jump in demand as people booked summer holidays.

The new chancellor Nadhim Zahawi said it was “great” to see the economy growing but added that he knew people were “concerned” by record-high fuel and energy prices.

UK inflation, the rate at which prices rise, hit 9.1% in the 12 months to May, the highest for 40 years.

“We’re working alongside the Bank of England to bear down on inflation and I am confident we can create a stronger economy for everyone across the UK,” Mr Zahawi said.

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