UK GDP YoY (Feb) Y/Y 1.0% vs. Exp. 1.0% (Prev. 0.8%)
- Growth in services and production was partially offset by another fall in construction, albeit at a slower rate than previously, with leasing and intellectual property licensing also continuing to contract.
- Growth increased further in the three months to February, led by broad-based increases across services. Within services, growth was driven by wholesaling, market research, hospitality and publishing, which all performed well in the three months to February, while car production recovered from the effects of the autumn cyber incident.
Context
The UK GDP growth came in line with expectations at 1.0% YoY, indicating a stabilization in economic performance compared to the previous growth of 0.8%. While service and production sectors showed positive momentum, the ongoing contraction in construction may raise concerns about sustainability. This steady growth could impact the Bank of England's policy outlook, particularly in balancing growth with inflation.
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