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

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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

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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.

 

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