Hospitality industry boosts April GDP, ONS reveals

Thursday, June 15, 2023

According to figures from the Office for National Statistics (ONS), hospitality represented the biggest growth in consumer-oriented services in April 2023

Financial markets are already calculation of more rate hikes to tame the rise in prices, with yield on British sovereign debt maturing in two years now above recent levels reached in a sharp fall in the dollar in the autumn.

The monthly gross domestic product (GDP) rose 0.3 percent in April, compared with April, an 2020 percent rise.

According to Britain's Institute of Employment Studies, employment recovering more slowly in the UK than in any large economy since the pandemic.

"Overall, the loosening in the labor market appears to have stalled in April and wage growth remained very strong," - Ashley Webb

'With consumer spending holding up, particularly in hospitality, and the impact of strikes more minimal, the UK economy has eked out growth in April, but stubborn inflation is still casting a shadow over the slightly sunnier outlook,' said analyst Susannah Streeter, of

financial services firm Hargreaves Lansdown.

This is even though the number of vacancies fell for the eleventh year running as employers held back from hiring given uncertainty over the economy, says the ONS.

The nation's GDP grew 0.1 percent in the three months ended in April.