UK monthly real gross domestic product is estimated to have shown no growth in February 2023, according to the Office for National Statistics (ONS).
GDP largely remained flat because falls in services and production were offset by growth in construction. This halted the growth trajectory as GDP rose 0.4% in January and by 0.1% in the three months to February, ONS figures show. More specifically, the service sector fell by 0.1% after growing 0.7% in January, but the largest fall in services output came from education, public administration and defence due to the impact of compulsory social security and industrial action over the month. Chancellor Jeremy Hunt responded positively to the figures, saying the "economic outlook is l...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.