UK economy grows slightly for two consecutive months | business news

Official figures show the UK economy grew slightly for the second month in a row.

The Office for National Statistics (ONS) said gross domestic product (GDP) increased by just 0.1% in February.

This is another sign that the UK economy is struggling to emerge from recession.

Growth last month was recorded at 0.3%, an upward revision from the previous estimate of 0.2%.

A recession was declared in February after data showed a recession during the second quarter.

If the economy expands for three months, Britain will officially be out of recession.

February's growth was driven by expansion in manufacturing, particularly the automotive industry.

The services sector also grew slightly, driven by strength in the public transportation, transportation and communications sectors.

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Overall growth has historically been small, with sectors such as construction hampered by rain.

This isn't the first time weather has slowed economic growth.

The UK has experienced 18 months of record rainfall, impacting retail sales and construction activity, reducing productivity across the country.

However, looking at the past three months as a whole, the ONS said the economy grew for the first time since last summer.

This is good news for the Conservative Party after Chancellor Rishi Sunak made economic growth one of his top five priorities.

We've achieved only one thing so far: cutting inflation in half.

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Commenting on the data, Prime Minister Jeremy Hunt said: “These figures are a welcome sign that the economy is reaching a turning point. If we stick to our plan, we can make this progress.”

“Last week, cuts to national insurance for 29 million workers across the UK came into effect as part of a plan to reward work and grow the economy.”

But Labor shadow chancellor Rachel Reeves warned: “After 14 years of Tory economic failure, Britain’s situation has worsened with low growth and high taxes. The Conservatives cannot fix the economy because they are the reason it is broken.”

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