UK GDP grew by 0.1% in February and is expected to emerge from recession

Madrid, April 12 (European Press) –

The UK's gross domestic product expanded by 0.1% in February compared to the previous month, when it grew by 0.3%, encouraging expectations of an exit from recession for the second-largest European economy, according to data released by the Office for National Statistics (ONS).

In February, service sector activity increased by 0.1% compared to the previous month, growing by 0.3%, while the production sector expanded by 1.1%, after declining by 0.3% at the beginning of February. 2024. For its part, construction contracted by 1.9%, compared to growth of 1.1% in January.

Therefore, real GDP is estimated to grow by 0.2% in the three months to February 2024, compared to the three months to November 2023.

In the three months to February, services grew by 0.2%, while production advanced by 0.7% and construction fell by 0.1%.

However, compared to the same period in 2023, UK GDP is expected to fall by 0.2% in February compared to the same month last year and by 0.1% in the three months to February 2024 compared to the three months to February 2023.

The UK economy recorded a decline of 0.3% in the fourth quarter of 2023, after the second largest European economy contracted by a tenth in the third quarter of last year, entering a technical recession with the cumulative quarter of the year two consecutive quarters of contraction.

UK GDP is expected to rise by 0.1% on average in 2023, after growth of 4.3% in 2022. This is the weakest annual change in real GDP since the 2009 financial crisis, excluding 2020. Which has been affected by the Covid-19 pandemic.