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.
The Office for National Statistics said gross domestic product (GDP) rose by 0.1% in February, matching City economists’ forecasts and extending a recovery after growth in January was revised up from 0.2% to 0.3%.
Liz McKeown, an ONS director of economics statistics, said: “The economy grew slightly in February with widespread growth across manufacturing, particularly in the car sector. Services also grew a little with public transport and haulage, and telecommunications having strong months.
“Partially offsetting this there were notable falls across construction as the wet weather hampered many building projects.”
The UK met the technical definition of recession after contracting in the third and fourth quarters of 2023. An end to the slump will require a continued expansion in March to meet a quarterly return to growth.
It comes with Rishi Sunak under pressure to show progress on the economy before sending voters to the polls in a general election later this year, with the Conservatives trailing Labour in opinion polls.
More details soon …
