Growth in The UK Economy Has Slowed More Than Anticipated.
London, Monday, 11 April 2022
In February 2022, the British economy grew by 0.1 percent month over month, down from 0.8 percent in January and below market expectations of 0.3 percent growth.
As covid limitations were loosened further, services increased by 0.2 percent and were the biggest contribution to growth.
Travel agencies, tour operators, and other reservation services (33.1 percent) and accommodation (23 percent) were the main contributors to growth. Meanwhile, industrial production declined 0.6 percent, owing to a 5.4 percent drop in transportation equipment manufacturing due to component shortages.
Storms also caused delays in several projects, resulting in a 1% drop in electric power generation, transmission, and distribution, a 2.2 percent drop in crude petroleum and natural gas extraction, and a 0.1 percent drop in building.
Nonetheless, the GDP is currently 1.5 percent more than it was before the Coronavirus Pandemic in February of 2020. Office for National Statistics is the source for this information.
Source: Office for National Statistics // Edited by: The Decision Maker