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- UK GDP grew less than expected in February.
UK GDP grew less than expected in February.
According to the report from Office for National Statistics, UK gross domestic product (GDP) is estimated to have grown by 0.4% in February 2021, as government restrictions affecting economic activity remained broadly unchanged. Economists had expected a 0.6% increase.
The service sector grew by 0.2% in February 2021, as wholesale and retail trade sales picked up a little but, overall, consumer-facing services industries remain well below pre-pandemic (February 2020) levels.
Output in the production sector grew by 1.0% in February 2021, as manufacturing grew 1.3% following contraction in January.
The construction sector grew by 1.6% in February 2021, driven by growth in both new work and repair and maintenance.
February’s GDP is 7.8% below the levels seen in February 2020, compared with 3.1% below the initial recovery peak in October 2020.
Latest estimates show that January’s GDP fell by 2.2%, an upward revision from negative 2.9%.
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