Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK economy showed no growth in February

by April 13, 2023
April 13, 2023
UK economy showed no growth in February

The UK economy stagnated in February after civil service and teachers’ strikes hit output in the services sector, official figures show.

Gross domestic product (GDP), the main measure of output, rose by a revised 0.4 per cent in January after a 0.5 per cent decline in December, according to Office for National Statistics figures. GDP rose by 0.1 per cent in the three months to February.

An upward revision to economic growth at the end of last year put GDP at 0.1 per cent higher in the final quarter. The Office for National Statistics had originally said that output was flat over the final three months of 2022.

City economists predicted that output would rise by 0.1 per cent in February, but that average growth in output over the past three months would come to a 0.1 per cent decline.

Output in the public sector, particularly in education, dropped in February following teachers’ strikes, which pushed pupil attendance as low as 43 per cent on strike days.

A decline in output in services and production offset a 2.4 per cent rise in construction output. The sector returned to growth in February after a 1.7 per cent drop at the start of the year.

Darren Morgan, the ONS director of economic statistics, said: “The economy saw no growth in February overall. Construction grew strongly after a poor January, with increased repair work taking place.

“There was also a boost from retailing, with many shops having a buoyant month. These were offset by the effects of civil service and teachers’ strike action, which impacted the public sector, and unseasonably mild weather led to falls in the use of electricity and gas.”

Yael Selfin, chief UK economist at KPMG, said the economy is likely to escape a recession, which is defined as two consecutive quarters of negative growth, but a period of stagnation awaits. “Economic activity will remain subdued in the near term as households continue to be squeezed by elevated prices and the cumulative impact of past interest rate increases,” she said.

“Although business sentiment continues to improve, bolstered in part by the fall in wholesale energy prices, we expect investment to be constrained this year amidst the tightening in credit conditions and uncertainty about future policy direction.”

The chancellor, Jeremy Hunt, said: ““The economic outlook is looking brighter than expected — GDP grew in the three months to February and we are set to avoid recession thanks to the steps we have taken through a massive package of cost of living support for families and radical reforms to boost the jobs market and business investment.”

The Office for Budget Responsibility, the official forecaster, last month upgraded its forecasts to predict that the UK would avoid a recession this year following the sharp fall in natural gas’s prices over winter.

Read more:
UK economy showed no growth in February

0
FacebookTwitterGoogle +Pinterest
previous post
Survey reveals over three-quarters of UK business leaders have suffered from impostor syndrome
next post
Holiday home owners face seeking approval to let them out

You may also like

How G-BRIS Streamlines Business Research and Enhances Creditworthiness...

December 5, 2024

Founders Forum in talks to take over Tech...

March 29, 2023

Unveiling the Secrets of Effective Reception Desks in...

November 27, 2023

Things that can help your business appear more...

February 24, 2023

Trump re-election predicted to boost UK with $33...

November 29, 2024

Liz Truss pledges civil service pay shake-up

August 2, 2022

State pension set to rise by £400 amid...

September 5, 2024

What are the Top Digital Marketing Trends for...

February 23, 2023

American Express Restaurant grant programme returns to help...

June 1, 2023

Used car sales climb as consumers shy away...

November 7, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • US and China hold London talks to ease trade war tensions

      June 9, 2025
    • British fathers urged to join landmark ‘dad strike’ over poor paternity leave

      June 9, 2025
    • IVF parents should have right to paid fertility leave, says GMB union

      June 9, 2025
    • Reform UK clashes with Bank of England over interest payments to lenders

      June 9, 2025
    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025

    Categories

    • Business (8,156)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved