Business

The UK economy flatlined in February, with no growth in GDP, according to official figures.

Civil sector strikes and low energy consumption offset growth in areas such as construction, the Office for National Statistics (ONS) data showed.

It followed growth of 0.4% in January and confirmation that the UK economy avoided recession in the second half of 2022 and actually grew 0.1% in the final three months of the year.

The most recent projections from the independent economic forecaster, the Office for Budget Responsibility (OBR), said the UK will avoid recession – defined as two consecutive quarters of negative growth – in 2023, despite previous predictions.

But the economy will still shrink overall this year by an expected 0.2%, and the fiscal watchdog warned living standards are to fall by the largest amount since records began.

Articles You May Like

No timeline on boil water notice after contamination issue which may have been caused by cow faeces
Microsoft set to unveil its vision for AI PCs at Build developer conference
Hunt to promise further tax cuts as pre-election battle hots up
Bad sign for democracy that Biden and Trump debate compared to The Muppets | Adam Boulton
Emergency measure triggered to deal with prison overcrowding