The UK economy expanded by a robust 0.5% in February, surpassing economist predictions, according to official data from the Office for National Statistics (ONS).
Revised January Figures and Sector Breakdown
January growth now stands at 0.1%, up from an earlier estimate of flat performance. The services sector, representing over three-quarters of the economy, advanced 0.5%—marking four straight months of gains. Production output climbed 0.5%, while construction surged 1.0%.
Economists had anticipated just 0.1% GDP growth for February.
Global Warnings and Future Outlook
The International Monetary Fund (IMF) recently lowered its UK growth forecast for the year, cautioning that the nation faces the sharpest slowdown among advanced economies.
The National Institute of Economic and Social Research described the expansion as “sizeable” yet anticipates a slowdown in March. Associate economist Fergus Jimenez-England stated: “Unfortunately, the latest energy price shock has likely pulled the rug on this momentum, with another year of above-target inflation and a softening labour market likely to come.”
