UK economic growth rate, February 2024
A plane contrail passes over Regent Street in London, England, on February 15, 2024.
Dan Kitwood | Getty Images
LONDON—Britain's gross domestic product (GDP) rose 0.1% in February, the Office for National Statistics said on Friday, in another sign of a return to sluggish economic growth this year.
The month-on-month figure was in line with expectations in a Reuters poll. On an annual basis, GDP decreased by 0.2%.
economy Made a contract The third and fourth corners of 2023 will put the UK into a technological recession.
January recording light growthwhich was revised upward to 0.3% on Friday.
Construction production, which had boosted growth at the start of the year, fell by 1.9% in February. Instead, output, the largest contributor to GDP, rose 1.1% in February, while growth in Britain's main services sector slowed from 0.3% to 0.1%.
Paul Dales, chief UK economist at Capital Economics, said in a note that the figures “mostly confirm that the recession ended last year”.
“However, while we expect the economic recovery to be better than most, it will be strong enough to prevent the large decline in inflation (and interest rates) that we believe is occurring in the United States,” Dales said. “I don't think this is an economic recovery,” he added.
British inflation fell more than expected In March, it fell to 3.4%, the lowest level in about two and a half years.
However, price increases occurred in the US exceed expectations At 3.5%, push back expectations Ahead of the start of interest rate cuts by September.
This is breaking news and will be updated soon.
Summarize this content to 100 words A plane contrail passes over Regent Street in London, England, on February 15, 2024. Dan Kitwood | Getty ImagesLONDON—Britain's gross domestic product (GDP) rose 0.1% in February, the Office for National Statistics said on Friday, in another sign of a return to sluggish economic growth this year.The month-on-month figure was in line with expectations in a Reuters poll. On an annual basis, GDP decreased by 0.2%.economy Made a contract The third and fourth corners of 2023 will put the UK into a technological recession.January recording light growthwhich was revised upward to 0.3% on Friday.Construction production, which had boosted growth at the start of the year, fell by 1.9% in February. Instead, output, the largest contributor to GDP, rose 1.1% in February, while growth in Britain's main services sector slowed from 0.3% to 0.1%.Paul Dales, chief UK economist at Capital Economics, said in a note that the figures “mostly confirm that the recession ended last year”.”However, while we expect the economic recovery to be better than most, it will be strong enough to prevent the large decline in inflation (and interest rates) that we believe is occurring in the United States,” Dales said. “I don't think this is an economic recovery,” he added.British inflation fell more than expected In March, it fell to 3.4%, the lowest level in about two and a half years.However, price increases occurred in the US exceed expectations At 3.5%, push back expectations Ahead of the start of interest rate cuts by September.This is breaking news and will be updated soon.
https://www.cnbc.com/2024/04/12/uk-economic-growth-february-2024.html UK economic growth rate, February 2024
