[ad_1]
UK GDP grew 0.5% month-on-month in February, following a 0.1% fall in January and services output 0.3% month-on-month.
Construction output grew 0.4% month-on-month whilst production 1.5% month-on-month and GDP had been expected to rise 0.1% month-on-month (Trading Economics).
Nicholas Hyett, Investment Manager at Wealth Club said, “GDP data often feels a bit dated by the time it’s published – the Trump shaped asteroid that hit markets in the last week means February’s data feels practically pre-historic.
WNonetheless the picture it paints is a rosy one, as output grew across all three major sectors.
“The manufacturing sector grew rapidly, while consumer services also show signs of healthy progress. Overall growth of 0.5% in a month is genuinely impressive, far faster than either the market or we had expected, and in the absence of disruption would have been a sign the UK economy was evolving nicely.
Unfortunately, a lot has changed since February. Higher living wage and national insurance expenses kicked in in April, though these numbers suggest they may not have been the headwind to growth we had anticipated, and perhaps more importantly Donald Trump has upended the global trade system. That could have caused UK economic growth to go extinct – making today’s numbers a fossilised window into a lost world.”
[ad_2]
Source link
