{"id":72559,"date":"2021-04-14T09:11:20","date_gmt":"2021-04-14T09:11:20","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72559"},"modified":"2021-04-14T09:11:21","modified_gmt":"2021-04-14T09:11:21","slug":"uk-economy-improved-in-february","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-improved-in-february\/","title":{"rendered":"UK economy improved in February despite lockdown measures"},"content":{"rendered":"\n

The UK economy rebounded slightly in February amid the third lockdown but was still almost 8% lower than before the pandemic, according to official figures.<\/p>\n\n\n\n

The Office for National Statistics (ONS) said gross domestic product (GDP) grew by 0.4%, representing an improvement from a 2.2% decline in January, which itself had been revised upwards from a previously predicted 2.9% fall.<\/p>\n\n\n\n

Nevertheless, the February reading was slightly below the forecasts of some analysts, with experts at Investec predicting a 0.7% improvement for the month.<\/p>\n\n\n\n

The construction sector saw activity jump by 1.6% for the month amid a lift in new work and maintenance.<\/p>\n\n\n\n

Production and manufacturing activity also improved, with the two sectors revealing 1% and 1.3% improvements respectively.<\/p>\n\n\n\n

Meanwhile, the service sector remained particularly constrained, reporting just 0.2% growth, as hospitality and retail remained constrained by pandemic restrictions.<\/p>\n\n\n\n

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The figures also revealed that exports to the EU increased by \u00a33.7 billion \u2013 or 46.6% \u2013 following a record slump of \u00a35.7 billion in January.<\/p>\n\n\n\n

The ONS said the export increases were driven by machinery, transport equipment and chemicals.<\/p>\n\n\n\n

It added that the import of goods from the EU also rebounded, increasing by \u00a31.2 billion \u2013 or 7.3% \u2013 in February.<\/p>\n\n\n\n

An ONS spokeswoman said: \u201cThe economy showed some improvement in February after the large falls seen at the start of the year but remains around 8% below its pre-pandemic level.<\/p>\n\n\n\n

\u201cWholesalers and retailers both saw sales pick up a little, while manufacturing improved with car producers experiencing a partial recovery from a poor January.<\/p>\n\n\n\n

\u201cConstruction grew strongly after revised figures showed they had struggled in the last couple of months.<\/p>\n\n\n\n

\u201cExports to the EU recovered significantly from their January fall, though still remain below 2020 levels.<\/p>\n\n\n\n

\u201cHowever, imports from the EU are yet to significantly rebound, with a number of issues hampering trade.\u201d<\/p>\n\n\n\n

Suren Thiru, head of economics at the British Chamber of Commerce, said: \u201cThe latest data confirms a modest return to growth in February.<\/p>\n\n\n\n

\u201cHowever, coming after a contraction in January, it does little to alter the prospect of a downbeat first quarter for the UK economy.<\/p>\n\n\n\n

\u201cThe pick-up in output in February reflected a broad-based improvement in activity with all the main sectors recording an increase in growth.<\/p>\n\n\n\n

\u201cThe clarity provided by February\u2019s announcement of a road map for reopening also helped support output in the month.\u201d<\/p>\n\n\n\n

Source: Irvine Times<\/a><\/p>\n\n\n\n

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The UK economy rebounded slightly in February amid the third lockdown but was still almost 8% lower than before the pandemic, according to official figures. The Office for National Statistics (ONS) said gross domestic product (GDP) grew by 0.4%, representing an improvement from a 2.2% decline in January, which itself had been revised upwards from […]<\/p>\n","protected":false},"author":1,"featured_media":72263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2089,2090,2075],"yst_prominent_words":[],"acf":[],"yoast_head":"\nUK economy improved in February despite lockdown measures<\/title>\n<meta name=\"description\" content=\"The UK economy rebounded slightly in February amid the third lockdown but was still almost 8% lower than before the pandemic, according to official figures.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, 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