According to the ONS, real domestic product is estimated to have grown by 0.2% in the three months to February, compared with the three months to November of last year.
The latest data follows news that Q4 of last year the UK had fallen into recession, with GDV reported to have decreased in two consecutive quarters and to have dropped by 0.3% from October to December of 2023.
- The Finance Professional Show 2023: The Video
- GDP grows by 0.2% in January
- Bridging experts react to UK GDP rebound
In February of this year services output grew by 0.1%, following 0.3% (revised from 0.2%) in January, with a growth of 0.2% in the three months to February 2024.
Production output also increased by 1.1%, which according to the ONS, was the largest contributor to February’s GDP, this followed a 0.3% fall in January — production output grew by 0.7% in the three months to February of this year.
Despite the production rise, construction output fell by 1.9% following a growth of 1.1% in January, while February saw construction output fall by 1.0% in the three months up to the month.
Leave a comment