'May's GDP figures demonstrate that the economy remains listless and that the recovery signalled by many of the business surveys. There was zero economic growth in the three months to May, compared with the three months to February, the ONS added.īut the economy was 0.2 percent larger than its pre-pandemic level. 'The best way to get growth going again and ease the pressure on families is to bring inflation down as quickly as possible.'

'While an extra bank holiday had an impact on growth in May, high inflation remains a drag anchor on economic growth,' noted finance minister Jeremy Hunt in reaction to the data. Activity remains under strain from the cost-of-living crisis, sparked by stubbornly high inflation, and rising interest rates.