Well, it’s helping at the very least, according to the latest data from the Office for National Statistics (ONS).
It turns out that the UK’s monthly real gross domestic product – the value of goods and services produced by a country – is estimated to have grown by 0.2% in April this year, despite falling 0.3% the previous month.
That means monthly GDP is now 0.3% above pre-Covid levels dating back to February 2020.
This obviously isn’t amazing, but considering we’ve been narrowly skirting around a recession and deep in a cost of living crisis for some time now, it’s better than nothing.
So what’s behind this slight increase?
The ONS noted housebuilding and estate agents had a “poor month” due to rising borrowing costs, as did the construction sector and those in the mortgage industry, because inflation remains stubbornly high at 8.7%.
The Bank of England is expected to continue rising interest rates beyond the current level of 4.5%, possibly up to 6% by the end of this year.
According to the ONS, the country’s fondness for our local watering holes has come in handy recently – and that just might be behind this small change in our fortune, as trade in bars and pubs helped revive our numbers.
As the ONS’s latest report explains: “The largest contribution to the rise in consumer-facing services in April 2023 came from food and beverage service activities, which grew by 2.0%.”
BBC News even tweeted a headline about it, which read: “Bars and pubs help UK economy grow in April.”
Twitter obviously went to town...