The UK economy showed no growth in February, according to GDP estimates from the Office for National Statistics
GDP flatlined at 0.0 per cent in February, lower than the 0.1 per cent growth that was expected.
The largest contributions to the fall in services output in February 2023 came from education and public administration and defence; compulsory social security, industrial action took place in both of these industries in February 2023, the ONS said. Declines in the use of electricity and gas prompted by unseasonably warmer weather, are also understood to have contributed to the lack of growth.
Falls in services – down 0.1 per cent in February 2023, after growing by 0.7 per cent in January 2023 – and production, which fell by 0.2 per cent in February, following a fall of 0.5 per cent in January, were offset by growth inOutput in consumer-facing services rose by 0.4 per cent, with retail the largest contributor to this growth.Analysts had expected GDP to grow by 0.1 per cent in February, month-on-month, according to a consensus forecast supplied by Pantheon Macroeconomics.
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