Tuesday, Oct 04, 2022
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UK Economic Growth Slows Amid Declines In Manufacturing

Gross domestic product increased just 0.1% from a month earlier, down from the 0.8% growth reported in January, the Office for National Statistics said Monday

Britain's economic growth slowed in February amid declines in the production of cars, computers and chemicals.

Gross domestic product increased just 0.1% from a month earlier, down from the 0.8% growth reported in January, the Office for National Statistics said Monday. 

The output of productive industries, including manufacturing, mining and power generation, dropped 0.6% in the month. Construction fell 0.1%. Those declines largely offset an increase in service industries, driven by an 8.6% jump in accommodation and food services.

Monthly GDP is now 1.5% above pre-pandemic levels, the ONS said. While services output is 2.1% higher than in February 2020. Construction is up 1.1%, while manufacturing and production are 1.9% below pre-pandemic levels.

Service industries account for about 80% of the UK's economic output. 

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