UK economy recorded no growth in February
The UK economy is estimated to have shown no growth in February with GDP at a standstill, according to the Office for National Statistics (ONS).
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Monthly GDP did, however, grow by 0.5% compared to the same month last year.
The services sector, meanwhile, fell by 0.1% in the month – after growing by 0.7% in January – with the largest contributor to this being in education, public administration and defence. In contrast, output in consumer-facing services grew by 0.4% – with this being predominantly driven by retail trade, except for motor vehicles and motorcycles.
As for production output, this fell by 0.2%, although these falls were offset by growth of 2.4% in the construction sector.
Looking at the broader picture, GDP grew by 0.1% in the three months to February 2023 when compared with the three months to November 2022. Broken by sector, services grew by 0.1%, production fell by 0.1% and construction grew by 0.9% in the three-month period to February.
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