England grew by 0.1 percent in February
The British economy grew by 0.1 percent in February, in line with expectations.
The British Office for National Statistics (ONS) announced growth data for February.
Accordingly, the country’s economy, which grew by 0.3 percent in January 2024, grew by 0.1 percent in February. The growth rate was 0.2 percent in the 3 months covering the period December 2023-February 2024 compared to the previous 3-month period.
The service sector in the country recorded a growth of 0.1 percent in February and 0.2 percent in the said 3-month period.
Industry also grew by 0.1 percent in February and 0.7 percent in the 3-month period.
The construction sector contracted by 1.9 percent in February and 1 percent in the December 2023-February 2024 period.
In her evaluation of the data, ONS Economic Statistics Director Liz McKeown stated that the economy grew in February with an increase in the manufacturing sector, especially the automotive sector, and said, “The service sector also recorded growth with the activity in public transport, shipping and telecommunications. On the other hand, there was a serious decline in the construction sector, especially with the effect of rainy weather.” “When we look at the 3-month period between December 2023 and February 2024, the economy grew for the first time since the summer.” he said.
The UK economy spent the second half of the year in technical recession, shrinking by 0.1 percent in the third quarter of 2023 and 0.3 percent in the last quarter.