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United Kingdom GDP February 2023

United Kingdom: Economic activity flatlines in February

GDP was flat month-on-month in seasonally-adjusted terms in February (January: +0.4% mom, previously reported: +0.3% mom). Deteriorations in the services and industrial sectors were offset by strong construction growth. The services sector was dampened by strike action in the public sector during the month, while industrial output was hurt by unseasonably warm temperatures reducing heating demand. Positively, consumer-facing services activity grew robustly, likely aided by improved consumer sentiment.

On a rolling quarterly basis, GDP rose at a softer pace of 0.1% in December last year to February (November last year to January: +0.2% qoq). Taken together, monthly GDP data for January and February suggests an increased chance of the economy avoiding contraction in Q1 as a whole.

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