The UK’s economic growth slowed sharply in February, even before the war in Ukraine piled further strains on the global economy, the latest figures show. The UK’s gross domestic product (GDP) grew just by 0.1 percent in February, compared with 0.8 percent in January, the Office for National Statistics (ONS) said on April 11. This was below an expected rise of 0.3 percent predicted by economists. Services grew by 0.2 percent and was the main contributor to February’s GDP growth. This was partially offset by production, which fell by 0.6 percent and construction, which fell by 0.1 percent, ONS said. The growth in services was mainly driven by tourism-related industries, which got a boost from the easing and eventual lifting of CCP (Chinese Communist Party) virus restrictions. Travel agencies, tour operators, and others grew by 33.1 percent from the previous month, and accommodation grew by 23 percent. But GDP was …
UK Economic Growth Slows to Just 0.1 Percent in February, Missing Expectations
April 11, 2022
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