Monthly gross domestic product (GDP) bounced back by a tentative 0.4% in February this year after a revised fall of 2.2% in January, a new report conducted by the Office for National Statistics (ONS) shows.

The monthly estimate on GDP shows how the output in the services industry grew by 0.2% in February owing to a 3.3% growth in wholesale and retail trade.

Production, which includes manufacturing, quarrying and mining, grew in output by 1%, while the construction sector grew by 1.6%.

The ONS described the rise in the service sector as the "most significant contributor" to the 0.4% overall growth given that services comprise 79% of the UK economy, while production and construction comprise 13.9% and 6.4% respectively.

The growth in services was driven by postal services (23.8%); accounting and tax consultancy (8%), and financial and insurance activities (6.7%).

GDP change since February 2020 is down 7.8%, however, as is the output for services (down 8.8%), manufacturing (down 4.2%) and construction (down 4.3%).

The Office for Budget Responsibility expects GDP to regain its pre-pandemic level in the second quarter of 2022.

Contact us to talk about your business.

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

By submitting your details you agree to receive email marketing from Plus Accounting and have read and understood our Privacy Statement & our Terms & Conditions. You can withdraw your consent or change your preferences at any time by emailing us or by clicking the link at the bottom of every email we send you.

You have Successfully Subscribed!