UK economy grew faster than expected in February

The UK economy grew by 0.5% in February, exceeding analyst forecasts and offering a potential turning point after last year's recession. | Contesto: cronaca

Punti chiave

• UK economy grew faster than expected in February

Contesto

The UK economy grew by 0.5% in February, according to data released by the Office for National Statistics, a stronger performance than most economists had predicted. The expansion, measured by gross domestic product (GDP), suggests a robust start to the year and marks a significant rebound from the technical recession confirmed in the final quarter of 2023. This growth was broad-based, with the services sector, which dominates the UK economy, leading the way. Output in services rose by 0.5%, while production grew by 1.1% and construction expanded by 1.9%. The figures indicate that consumer-facing services, which had been under pressure, are showing signs of recovery. The data provides the first concrete evidence that the economy may have turned a corner after a prolonged period of stagnation and contraction. The stronger-than-expected figures will be scrutinized by policymakers at the Bank of England as they weigh the timing of potential interest rate cuts. For months, the central bank has held rates at a 16-year high of 5.25% in an effort to curb inflation. While price growth has slowed significantly from its peak, the persistence of services inflation and now stronger economic activity could argue for a more cautious approach to monetary easing. The February data complicates the narrative of an economy in need of immediate stimulus. Chancellor Jeremy Hunt welcomed the figures, stating they are "a welcome sign that the economy is turning a corner." He attributed the growth to the government's plan to "reward work and ambition." However, opposition figures and some independent analysts were quick to inject a note of caution. They pointed out that despite the monthly uptick, the economy's overall performance over the three months to February was flat, and GDP per capita remains in a prolonged slump. The underlying picture, they argue, is still one of weak growth that has failed to translate into improved living standards for most households. Looking ahead, the key question is whether February's growth represents a sustainable recovery or a temporary bounce. Economists warn that the full impact of previous interest rate hikes is still filtering through the...

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Categoria: cronaca