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The UK economy flatlined in February but revised figures from the previous month pushed it up to its pre-pandemic level.
An updated 0.4 per cent expansion in January rendered the growth rate unchanged in February, the Office for National Statistics said on Thursday. This was below the 0.1 per cent expansion forecast in a Reuters poll.
The British economy ended the month 0.3 per cent above the level of February 2020, before the first Covid-19 restrictions. Nonetheless, the UK’s recovery remains weaker than any other G7 economy.
The services sector fell 0.1 per cent while construction grew 2.4 per cent.
“The economic outlook is looking brighter than expected,” said Jeremy Hunt, chancellor of the exchequer. “We are set to avoid recession thanks to the steps we have taken through a massive package of cost of living support for families and radical reforms to boost the jobs market and business investment.”
The IMF this week forecast that the UK economy would shrink 0.3 per cent this year, the worst performance of any G7 economy, but that is an upgrade from the 0.6 per cent drop expected in January.
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