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GDP Set to Flatline in Q2, Though Downside Risks Have Grown
Monthly GDP fell by 0.1 per cent in May 2023 following growth of 0.2 per cent in April. This monthly figure was driven by driven by a fall in production output of 0.6 per cent following a fall of 0.2 per cent in April, and services output remaining flat following growth of 0.3 per cent in April. • GDP remained flat in the three months to May relative to the previous three months, in line with our most recent forecast. As shown in figure 1 below, the economy has largely flatlined following the initial stages of post-pandemic recovery; today’s monthly GDP is estimated to be only 0.2 per cent above its pre-pandemic ... (full story)