UK GDP remained stable in February, according to official estimates

UK GDP remained stable in February, according to official estimates

UK GDP remained flat (0.0%) in February, after recording a revised 0.4% increase in January, according to estimates released on Thursday (13) by the Office for National Statistics, the Office for National Statistics. This monthly GDP was estimated at 0.3% above pre-pandemic levels in February 2020.

According to the Office for National Statistics, production in the services sector fell by 0.1% in February 2023, while industrial production fell by 0.2%. These declines were offset by a 2.4% growth in the construction sector.

The services sector was affected by repeated strikes during the month, especially in the education sector. In the production area, electricity, gas, steam and air conditioning supplies decreased by 2.2% and were the largest contributor to the decline in February 2023.

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The increase in monthly construction production came from increases in renovations and maintenance (4.5%) and new work (1.1%) in the month, with eight of the nine sectors recording an increase.

More broadly, GDP grew by 0.1% in the three months to February 2023 compared to the three months to November 2022. In this reading, services grew by 0.1%, while industrial production fell by 0.1% and construction grew by 0.9% in the period. .

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About the Author: Camelia Kirk

"Friendly zombie guru. Avid pop culture scholar. Freelance travel geek. Wannabe troublemaker. Coffee specialist."

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