United Kingdom Monthly GDP MoM

The British economy expanded 0.1% month-over-month in February 2024, following an upwardly revised 0.3% rise in January and matching market forecasts. The largest contribution came from production which soared 1.1%, rebounding from a 0.3% fall in January, led manufacturing (1.2%), mostly manufacture of transport equipment, cars (3.7%); and utilities, mostly manufacture of gas: distribution of gaseous fuels through mains; steam and aircon supply (5.3%). Also, services output grew, after a 0.3% rise, led by professional, scientific and technical activities (1.1%), admin and support service activities (1.6%) and transportation and storage (2.2%). In contrast, construction shrank 1.9%, after a 1.1% increase, dragged down by wet weather, and the mining sector declined 0.8%. Considering the three months to February, the British GDP grew 0.2%. "These figures are a welcome sign that the economy is turning a corner," finance minister Jeremy Hunt said in response to the data.