GDP flat in February. January GDP growth revised up to 0.4%. UK services sector contracted by 0.1% due to teachers strikes. Construction grew by 2.4%. Production fell by 0.2%.
Jonathan Moyes, Head of Investment Research, Wealth Club: “The UK’s dominant services sector took a step back over the month as the teachers strikes took their toll on the economy. Flat GDP growth was lower than the 0.1% expected. Although it is pleasing to see January data revised higher.
“The release will do little to change the gloomy outlook for the economy. However, if one were looking for positives in the data, unseasonably warm weather and industrial action were the chief drivers of lower growth, rather than a downturn in general business and consumer spending. The consumer, the construction sector and part of the services sector such as financial services appear to be in good health.”