Forecast Overview

摘要

GDP rose by 0.8% m/m in May, leaving the economy 3.1% below the pre‐pandemic level. Consumer‐facing sectors responded to the easing of Covid restrictions, with output in the hospitality sector rebounding strongly and distribution activity remaining well above pre‐pandemic levels. But there were several downside surprises elsewhere. Non‐consumer facing parts of the services sector suffered a loss of momentum, the recent volatility in health output continued, and microchip shortages disrupted car production.