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UK February Economic Growth Slows

The UK’s economy expanded at a slower pace in February, figures from the Office For National Statistics showed on Wednesday.

Gross domestic product or GDP grew 0.2 percent month-on-month in February, while the economy expanded 0.5 percent in January. Economists were looking for growth to remain flat in February.

In December, GDP was down 0.3 percent.

On a 3-month-on-3-month basis, GDP remained unchanged from January at 0.3 percent. Economists had expected a 0.2 percent growth.

Industrial production rose 0.6 percent monthly in February, following a 0.7 percent rise. Economists were looking for a 0.2 percent growth.

Manufacturing output grew 0.9 percent month-on-month after a 1.1 percent rise in January. Economists had expected a 0.2 percent increase.

the services index edged up 0.1 percent monthly, after a 0.3 percent rise in the previous month, in line with economists expectation.

Construction rose 0.4 percent compared to the previous month, following a 3.5 percent rise in the prior month. Economists had forecast a 0.3 percent decline.

Separately, the ONS reported that the visible trade deficit in February narrowed slightly to GBP 14.12 billion from GBP 14.6 billion in January. Economists had forecast a GBP 12.85 billion deficit.

The trade deficit narrowed to GBP 4.86 billion in February from GBP 5.35 billion in January. Economists had expected a deficit of GBP 3.9 billion.

The material has been provided by InstaForex Company – www.instaforex.com