British GDP fell again in May, largely due to the extra bank holiday for King Charles III's coronation, the Office for National Statistics (ONS) announced on Thursday.
GDP fell by 0.1% after rising by 0.2% the previous month, the ONS said. The decline was less marked than economists' expectations, however, who were expecting a fall of 0.3%.
Despite the Coronation bank holiday's potential to boost profits, "manufacturing, energy production and construction all fell" and there was also a drop in pubs and bars' revenue, noted ONS Director of Economic Statistics Darren Morgan.
In an economy weighed down by the highest inflation in the G7, which persisted at 8.7% in May and which is causing a severe cost of living crisis in the country, services came to a standstill.
British GDP, which is struggling to return to its pre-pandemic level, was nevertheless "0.2% above its February 2020 levels" in May, the ONS estimated.
"While the extra bank holiday had an impact on growth in May, high inflation remains a drag [on British economic activity]", Finance Minister Jeremy Hunt noted in a statement.
