Growth in the UK economy in February suggests that the recession is ending

Official statistics released on Friday indicated that economic production expanded in February for the second consecutive month and that January's number was revised higher, putting Britain on track to emerge from its mild recession.

In February, the gross domestic product grew by 0.1% on a monthly basis, as predicted by an analyst survey conducted by Reuters.

The Office for National Statistics said that the revised number for January showed growth of 0.3%, up from the previous reading of 0.2%.

Prime Minister Rishi Sunak faces difficulty in assuring the public that the economy is secure under his leadership prior to the anticipated election later this year, given that Britain's economy entered a recession in the latter half of last year.

According to business surveys, growth persisted in March.

The GDP has been essentially unchanged since early 2022 and is still below its level from June 2023, before the most recent collapse, although a promising recovery.

A bit better than the 0.4% difference analysts had expected, the economic production in February 2023 was 0.2% lower than it was at that time.

As anticipated, the economy's dominant services sector rose by 0.1% on a monthly basis. However, industrial production rose 1.2% month over month, above estimates. 1.9% was the largest decline in construction in slightly more than a year.

(Sources: investing.com, reuters.com)