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UK GDP growth surprised to the upside, expanding by 0.5% month-on-month in February, much higher than the consensus forecast of 0.1%.
Coupled with an upward revision to the corresponding reading in January, Q1 2024 will likely be a quarter of solid growth.
Manufacturing was a key driver of this expansion, marking a reversal from the largely downward trends shown by the sector in 2024.
That said, today’s release predates recent US trade policy announcements, and rises in household bills and business taxes, which come into effect this month.
As such, despite the welcome news today, Cebr expects weak economic momentum to persist for much of 2025, before picking up in 2026 and beyond.
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