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United Kingdom GDP February 2020

United Kingdom: Economic activity declines in February, pointing to soft economic backdrop before hit from Covid-19

According to monthly GDP data released by the ONS, the economy shrank 0.1% in February over the previous month in seasonally-adjusted terms (January: +0.1% month-on-month, previously reported: flat reading), below market expectations of 0.1% growth. February’s contraction was driven by declines in construction and mining. In the three months to February, the economy expanded a mere 0.1%.

These figures show the economy was already in weak shape before the full impact of coronavirus was felt, and large declines in economic activity will be observed from March onwards due to the effect of containment measures on domestic demand.

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