The additional bank holiday for the King’s Coronation reduced the number of working days in May and so lowered GDP accordingly, with GDP falling by 0.1%. This left output flat overall in the quarter to May. But a smaller-than-expected decline points to underlying resilience, in line with the CBI’s recent surveys.
17 Jul 2023, 3 min read
The additional bank holiday for the King’s Coronation reduced the number of working days in May and so lowered GDP accordingly, with GDP falling by 0.1%. This left output flat overall in the quarter to May. But a smaller-than-expected decline points to underlying resilience, in line with the CBI’s recent surveys. The return to a normal number of working days in June suggests a likely rebound, raising the odds that the UK economy avoided a contraction in the second quarter. Meanwhile, alth
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