Rolling coverage of the latest economic and financial news, including February’s UK GDP report
UK takes another step on path to exit recession as GDP rises
Britain’s economy has taken a step closer to exiting recession after official figures showed growth continued in February despite a washout month for retailers after one of the wettest starts to a year on record.
Here’s the full story:
“Data released this morning by the ONS shows that UK GDP expanded by 0.1% in February. This signals a further move away from the shallow economic contraction experienced over the second half of 2023.
“More evidence supports this revival. Service sector output delivered a second consecutive month of expansion, which, paired with upbeat retail sales and forward-looking business surveys, point to strengthened activity in March. Industrial output remains below pre-pandemic levels, and gas and electricity output were subdued by mild weather. But a broad revival is nonetheless underway, as part of an improving global outlook.
