UK economy takes another step toward pre-pandemic level

Official figures show that the British economy rebounded further in May following another easing of lockdown restrictions, though the increase was about half that expected by economists

LONDON -- The British economy took another step toward its pre-pandemic level following the latest easing of lockdown restrictions, though the 0.8% growth recorded in May was around half that expected by economists as a microchip shortage hurt car production. Figures from the Office for National Statistics released on Friday showed the services sector to be largely behind the increase after a raft of hospitality, leisure and arts firms were able to reopen due to the relaxation of restrictions in England on May 17. Though the British economy has now grown for four months in a row, May's increase was lower than April's 2.3% and below market expectations for a 1.5% rise. “Underlying growth is moderate outside the sectors being unlocked, with supply constraints contributing to the continuing recent stagnation in manufacturing,” said Rory Macqueen, an economist at the National Institute of Economic and Social Research.