UK economy was growing faster than expected in February before Iran war began – business live

The UK economy grew by a stronger-than-expected 0.5% in February, driven by broad-based strength in services, before the onset of the Iran conflict. | Contesto: cronaca

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• UK economy was growing faster than expected in February before Iran war began – business live

Contesto

The UK economy expanded at a robust 0.5% in February, significantly outpacing analyst forecasts, according to official data released on Thursday. The growth, described as "widespread" by the Office for National Statistics, was primarily fueled by a strong performance across the nation's dominant services sector. The data provides a snapshot of economic momentum in the weeks immediately preceding the outbreak of open conflict between Israel and Iran, which has since injected significant uncertainty into global markets and supply chains. Today's Gross Domestic Product (GDP) report revealed that 12 of the 14 subsectors within the services economy registered growth during the month, contributing to an overall 0.5% expansion for the sector. Key drivers included wholesaling, market research, hospitality, and publishing, all of which performed well over the three-month period to the end of February. This broad-based strength suggests the recovery was not reliant on a single industry but was instead built on a more resilient, diversified foundation of consumer and business activity. The positive figures extended beyond services. The production sector also showed signs of recovery, with car manufacturing rebounding from the disruptive effects of a major cyber incident that had hampered operations during the autumn. This rebound in a high-value manufacturing segment provided an additional lift to the overall growth figure, indicating that the industrial side of the economy was beginning to regain its footing after a period of stagnation and technical setbacks. The 0.5% monthly growth follows a 0.3% expansion in January, meaning the economy grew by 0.8% over the two-month period. This represents the strongest consecutive monthly performance in over a year and suggests the UK was on a clear path to exiting the shallow technical recession it entered in the latter half of the previous year. Economists had widely predicted a far more modest growth figure for February, making the actual result a surprise that could prompt a reassessment of the economy's underlying resilience to higher interest rates. The significance of this pre-conflict economic snapshot cannot be overstated....

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Categoria: cronaca