UK Economic Growth Slows Rapidly to 0.1% in February as Car Production Plunges

robots welding in an automobile factory

UK economic growth plunged by more than estimated in Feb as a slump in car production hurt the recovery in holiday bookings after the easing of pandemic restrictions.

Source: Office for National Statistics

FTSE 100 down -0.69%, GBP USD down -0.03%

The gross domestic product increased by only 0.1% in February, down from a monthly growth pace of 0.8% in January when the economy was rebounding from the Covid-19 Omicron variant.

The overall economy was 1.5% higher than its pre-pandemic level in February. The GDP growth rate was lower than a monthly growth estimate of 0.3%.

Activity in the manufacturing sector dropped 0.4% on the month, attributable to a 5.4% fall in the manufacture of transport equipment and a 4.3% decline in computer, electronic and optical products.

Tourism activity expanded strongly after easing pandemic restrictions, with a growth of 33.1% for travel agencies and tour operators.

The accommodation sector posted a 23% increase in activity as more people traveled around the UK.



China’s Producer and Consumer Prices Beats Estimates on Ukraine War, Lockdowns

Previous article

Sony, KIRKBI Bet on Metaverse with Epic Games Investment

Next article

You may also like


Leave a reply

Your email address will not be published.

More in News