Stagnation: British economy remains stagnant in February

According to official figures from the Office for National Statistics, the British economy stabilized in February without GDP growth.

Bureau data showed that strikes in the civil sector and lower energy consumption offset growth in areas such as construction.

Services output fell 0.1% in February after rising 0.7% in January 2023. Education was the biggest contributor to the negative growth in the services sector, falling 1.7% in the month as the teachers’ strike occurred and the public workers’ strike was the second. The largest contribution to negative growth is made by the service sector. This followed a 0.4% gain in January.

The latest forecast from the Office of Fiscal Responsibility (OBR), an independent economic forecaster, says that the UK will avoid a recession in 2023, but the economy will still shrink by 0.2% overall this year.

In turn, Treasury Secretary Jeremy Hunt said: “The outlook for the economy looks brighter than expected. Gross domestic product rose in the three months to February and we are poised to avoid a recession thanks to the steps we have taken through a huge package to maintain a living wage for families and sweeping reforms to expand opportunities.” Work, invest in the market and business.

Source: sky news