|
The UK economy expanded in February, supported by broad-based growth across services and production, according to data from the Office for National Statistics on Thursday. Gross domestic product rose 0.5% in the three months to February 2026, picking up from 0.3% growth in the three months to January and following flat growth in the three months to December. The reading exceeded the FXStreet-cited consensus of a 0.3% increase. The January figure was revised up from 0.2%, while December was revised down from 0.1%. On a monthly basis, GDP grew 0.5% in February, accelerating from 0.1% growth in both January and December and coming in well above the FXStreet consensus for another 0.1% increase. January was revised up from originally reported no growth or decline. Services output, the largest component of the economy, increased 0.5% in the three months to February, with gains driven by sectors including wholesale & retail trade and information & communication. Production output rose 1.2% over the same period, supported by manufacturing and energy supply, while construction output fell 2.0%, extending recent declines. In February alone, services and production both rose 0.5%, while construction rebounded with a 1.0% increase. Separate figures showed mixed trade performance in February. Goods imports rose by £2.3 billion, or 4.7%, reflecting higher inflows from both EU and non-EU countries, while goods exports fell by £500 million, or 1.5%. Exports to the US rose by £500 million, while imports from the country declined by £400 million. Over the three months to February, the UK’s total trade deficit in goods and services narrowed by £300 million to £2.8 billion. However, the goods deficit widened by £1.0 billion to £57.1 billion, offset by a £1.3 billion increase in the services surplus to £54.2 billion. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
