Gross Domestic Product (GDP)
Gross Domestic Product (GDP)

The UK economy expanded in February but at a slower than expected pace, data from the Office for National Statistics revealed Tuesday.

Gross domestic product grew 0.4 per cent, following a revised 2.2 per cent fall in January. But this was slower than the expected growth of 0.6 per cent. February’s GDP was 7.8 per cent below the levels seen in February 2020, data showed.

Driven by wholesale and retail trade, services output gained 0.2 per cent in February. The production sector also grew in February, by 1.0 per cent.

This was mainly because of manufacturing output picking up by 1.3 per cent.
Underpinned by new work and repair and maintenance, construction output was up 1.6 per cent.

Another report from the ONS showed that the visible trade gap widened to GBP 16.44 billion in February from GBP 12.59 billion in January.

The total trade deficit increased sharply to GBP 7.12 billion from GBP 3.37 billion a month ago. On a monthly basis, exports and imports of goods increased 9.9 per cent and 17.4 per cent, respectively.

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