GDP growth slows over February

Economic growth slowed in February 2022 compared to the start of the year, according to the Office for National Statistics (ONS).

The latest ONS figures show that GDP rose by 0.1% in February compared to a 0.8% increase in January, in part due to a sharp drop in the production of cars and computer equipment.

Economists had expected GDP to grow by 0.3% due to the lifting of most Covid restrictions by the end of January.

Although there was a decrease in growth over February, the ONS reported that the UK economy is 1.5% above its pre-COVID pandemic level in February 2020.

Alpesh Paleja, lead economist at the Confederation of Business Industry, said:

"Following the bounce at the start of the year, it's no surprise that economic growth slowed in February. Near-term challenges to the outlook have ramped up since, with a growing cost-of-living crunch set to weigh on growth.

"It's clear that growth impetus remains underwhelming. While the Government took some steps to sustain confidence in our economy in the Spring Statement, they don't do enough to tackle the current challenges facing firms."

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