UK economy grew by 0.1 percent in February

The UK Office for National Statistics (ONS) has released growth data for February.

Accordingly, the country's economy, which grew by 0.3 percent in January 2024, showed a growth of 0.1 percent in February.

The growth rate for the 3-month period covering December 2023 to February 2024 was 0.2 percent compared to the previous 3-month period.

The services sector in the country recorded growth of 0.1 percent in February and 0.2 percent in the aforementioned 3-month period.

Industry also grew by 0.1 percent in February and by 0.7 percent in the 3-month period.

The construction sector, however, contracted by 1.9 percent in February and by 1 percent in the period between December 2023 and February 2024.

'ECONOMY GREW FOR THE FIRST TIME SINCE SUMMER'

In her assessment of the data, ONS Director of Economic Statistics Liz McKeown stated that the economy showed growth in February, driven by an increase in the manufacturing sector, particularly in automotive, noting, "The services sector also recorded growth with activity in public transport, transport, and telecommunications. Conversely, there was a significant decline in the construction sector, particularly due to the impact of rainy weather. When we look at the 3-month period between December 2023 and February 2024, the economy grew for the first time since the summer."

The UK economy had spent the second half of the year in a technical recession, contracting by 0.1 percent in the third quarter of 2023 and by 0.3 percent in the final quarter.

News Source: AA