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  • World - Europe
  • Updated: July 13, 2023

Coronation Holiday Shrinks UK Economy In May

Coronation Holiday Shrinks UK Economy In May

The financial district in London, U.K, May 17, 2023. (Reuters Photo)

The U.K. economy experienced a slight contraction in May, influenced in part by an additional public holiday held for the coronation of King Charles III, according to official data released on Thursday.

The Office for National Statistics (ONS) reported a decrease in Gross Domestic Product (GDP) by 0.1% during that month, surpassing expectations of a 0.3% decline following a 0.2% growth in April.

The decline in economic output can be attributed to businesses halting operations for the extra bank holiday that marked the royal event.

The manufacturing, energy generation, and construction sectors all experienced setbacks, with some industries impacted by a reduced number of working days compared to the norm.

Furthermore, despite the coronation bank holiday, sales at pubs and bars declined after a strong performance in April.

However, the services sector remained stable overall, with the health sector showing signs of recovery and fewer strikes impacting its performance. Additionally, the IT industry had a robust month.

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