Britain’s economy recorded growth of 0.0% in February as a wave of public sector strikes weighed on activity, offsetting a recovery in consumer spending despite the cost of living crisis.
The latest figures from the Office for National Statistics show the economy ground to a halt in February, falling below City expectations for a 0.1% rise in gross domestic product (GDP) on the month.
It follows growth of 0.4% in January, as revisions to earlier estimates pushed the economy back above pre-pandemic levels.
The ONS said construction grew strongly after a poor start to the year with increased repair work taking place, alongside a boost from retail as many shops had a strong month for sales.
However, it said this had been offset by civil service and teachers’ strikes, hitting activity in the public sector, while unseasonably mild weather led to a fall in the use of electricity and gas. Manufacturing showed zero growth, while the UK’s dominant services sector fell by 0.1%, down from a revised growth rate of 0.7% a month earlier.
The figures come hours after Jeremy Hunt insisted the UK would do “significantly better” than the International Monetary Fund’s forecast on Tuesday that the economy was expected to shrink by 0.3% this year.
Speaking to Bloomberg News on the sidelines of the fund’s spring meetings in Washington on Wednesday night, he said: “We will do better than that.”
Responding to Thursday’s ONS figures, the chancellor said: “The economic outlook is looking brighter than expected: GDP grew in the three months to February and we are set to avoid recession thanks to the steps we have taken.”
after newsletter promotion
Rachel Reeves, the shadow chancellor, said the figures showed the economy was inching along. “Despite our enormous promise and potential as a country, Britain is still lagging behind on the global stage with growth on the floor.”
https://news.google.com/rss/articles/CBMiWmh0dHBzOi8vd3d3LnRoZWd1YXJkaWFuLmNvbS9idXNpbmVzcy8yMDIzL2Fwci8xMy91ay1lY29ub215LWZlYnJ1YXJ5LXB1YmxpYy1zZWN0b3Itc3RyaWtlc9IBWmh0dHBzOi8vYW1wLnRoZWd1YXJkaWFuLmNvbS9idXNpbmVzcy8yMDIzL2Fwci8xMy91ay1lY29ub215LWZlYnJ1YXJ5LXB1YmxpYy1zZWN0b3Itc3RyaWtlcw?oc=5
2023-04-13 08:04:00Z
1946725010
Tidak ada komentar:
Posting Komentar