UK GDP grows faster than expected as manufacturers prepare for Brexit

February posted 0.2% growth

Anna Fedorova
clock • 1 min read

The UK economy grew faster than expected in the three months to February, expanding by 0.3% as manufacturers across the country resorted to stockpiling in preparation for a hard Brexit.

The Office for National Statistics (ONS) said manufacturers had "changed the timing of their activities" as the deadline for leaving the EU looms. As a result, UK GDP increased more than the 0.2% forecast over the period, though Rob Kent-Smith, head of GDP at the ONS, said this figure "remained modest", the BBC reports. On a monthly measure, the economy grew by 0.2%, beating the forecasts of 0% growth in February. Kent-Smith said: "Services again drove the economy, with a continued strong performance in IT. Manufacturing also continued to recover after weakness at the end of last y...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Markets

Market Movers: UK economy grows by 0.2% in August after two months of stagnation

Market Movers: UK economy grows by 0.2% in August after two months of stagnation

After no growth in June and July

Professional Adviser
clock 14 October 2024 • 1 min read
Bank of England holds rates at 5.25% in final pre-election decision

Bank of England holds rates at 5.25% in final pre-election decision

'The MPC would not want to be perceived as politicking'

Cristian Angeloni
clock 20 June 2024 • 1 min read
Inflation officially back to Bank of England's target level of 2%

Inflation officially back to Bank of England's target level of 2%

Data shows a 2% year-on-year fall ‘in line with consensus expectations’

Hope Coumbe
clock 19 June 2024 • 2 min read