Thursday, 23 May 2024

British economy grew during February indicates an exit from recession

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Official data showed on Friday that Britain is on its way out of a shallow recession, as economic output grew for the second month in a row in February, and the January reading was revised upward.

According to Reuters, the gross domestic product grew 0.1% on a monthly basis in February, as economists expected in a poll.

The Office for National Statistics said that the January reading was revised to show growth of 0.3%, up from 0.2% previously.

The British economy entered a recession in the second half of last year, which presented a challenge for Prime Minister Rishi Sunak to reassure voters of the state of the economy during his reign before elections this year.

Finance Minister Jeremy Hunt said, commenting on Friday’s data, “These numbers are welcome indicators of the economic recovery.”

Surveys of business sectors indicate that growth continued in March.

Economic output was 0.25% lower than its level in February 2023, but slightly better than economists’ expectations, which predicted it would be 0.4% lower.

The services sector grew 0.1 percent on a monthly basis, in line with expectations. But industrial output exceeded expectations and increased 1.2%, while the construction sector fell 1.9%, the largest decline in just over a year.

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