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MNI BRIEF: UK GDP Flat In February Despite Construction Bounce

(MNI) London

UK GDP flatlined in February, data released Thursday by the Office for National Statistics said, with data for January revised modestly higher to +0.4% m/m. For the latest rolling three months, growth was +0.1%. Overall the data was largely in line with Bank of England expectations for an economy bouncing along around zero, so there is little new information for policymakers ahead of the May 11 policy decision.

“The economy saw no growth in February overall. Construction grew strongly after a poor January, with increased repair work taking place. There was also a boost from retailing, with many shops having a buoyant month," ONS Director of Economic Statistics Darren Morgan said

According to a spokesperson at the ONS, GDP could record a fall up to -0.2% in March and still see a positive reading on the quarter. fall of 0.6% would point to a decline of 0.1%, with anything in between pointing to another flat quarter.

Later Thursday, BOE Chief economist Huw Pill speaks at an MNI Connect event, hopefully expanding on some of the topics Bailey mentioned. Readers can register for the Pill event here.

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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