THE UK economy rocketed in May as the country headed into recession amid a crippling cost of living crisis.
Gross domestic product (GDP) increased by 0.5% according to the latest official data from the Office for National Statistics.
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It marks a recovery from last month when GDP fell by 0.3%.
Economists predicted that the economy would grow to zero between April and May.
GDP is used to measure the performance of a country’s economy.
When GDP rises, it is generally believed that the economy is doing well.
But when it falls, it comes with falling incomes, job losses and lower consumption.
Experts have previously warned that the nation is headed for a recession as a cost of living crisis cripples millions.
Inflation has rose to a 40-year high of 9.1% and squeezes household budgets as bills spiral from energy to food to fuel.
While the CBI has said that Britain is on the brink of a recession and that real disposable household income would fall by 2.3% by Christmas.
More to follow…
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