UK Economic Growth Slows on Lower Production, Construction

Source: Office for National Statistics

The United Kingdom’s economic growth slowed in February, led mainly by the services sector, which was partially offset by other sectors. EWU is down 0.35%, while EZU is up 0.40% premarket.

• The gross domestic product (GDP) grew by 0.1% in February, slower than the 0.8% growth recorded in January.
• Growth was led mainly by services which grew by 0.2%, driven by tourism-related industries. Increases were in travel agencies and in accommodation.
• Consumer-facing services output climbed by 0.7% during the month, while non-consumer facing services was unchanged at 0.5%.
• The services growth was partially offset by the decline in production, which dropped by 0.6%, and construction which contracted by 0.1%.
• The latest monthly economic growth is 1.5% above the level recorded prior to the COVID-19 pandemic in February 2020.