UK economy grows for second month in a row
The ONS also revealed that consumer-facing services grew by 0.2% in the three months to February 2024 compared with the three months to November 2023. The main driver to the growth was a 3.6% rise in output in sports activities and amusement and recreation activities
UK GDP increased slightly for the second month in a row, in another sign the economy is edging out of recession, according to the latest figures from the Office for National Statistics (ONS).
Monthly real gross domestic product is estimated to have grown by 0.1% in February 2024, following growth of 0.3% in January 2024.
Real gross domestic product is estimated to have grown by 0.2% in the three months to February 2024, compared with the three months to November 2023.
Production output grew by 1.1% in February 2024 and was the largest contributor to the growth in GDP in the month, following a fall of 0.3% in January 2024.
Services output grew by 0.1% in February 2024, following growth of 0.3% in January 2024 (revised up from 0.2% growth in our previous publication), and has grown by 0.2% in the three months to February 2024.
The ONS also revealed that consumer-facing services grew by 0.2% in the three months to February 2024 compared with the three months to November 2023. The main driver to the growth was a 3.6% rise in output in sports activities and amusement and recreation activities, while the largest negative contributor was buying and selling, renting and operating of own or leased real estate which fell by 1.1% in the three months to February 2024.
Construction output fell by 1.9% in February 2024, following an unrevised growth of 1.1% in January 2024; construction output has fallen by 1.0% in the three months to February 2024.
ONS director of Economic Statistics Liz McKeown said: “The economy grew slightly in February with widespread growth across manufacturing, particularly in the car sector. Services also grew a little with public transport and haulage, and telecommunications having strong months.
“Partially offsetting this there were notable falls across construction as the wet weather hampered many building projects. Looking across the last three months as a whole, the economy grew for the first time since last summer.”
