UK GDP Estimate MM (Feb) 0.1% vs. Exp. 0.10% (Prev. 0.20%, Rev. 0.3%)

• Production output grew by 1.1% in February 2024 and was the largest contributor to the rise in GDP in February. Services output also grew, by 0.1%, while construction partially offset these with a fall of 1.9%.

Production (+1.1%)

• Mining and quarrying output was the only subsector that contributed negatively; -0.8%.
• Driven by a 1.2% increase in manufacturing output.

Services (+0.1%)

• Output in 8 of the 14 subsectors rising over this period.
• Largest contribution (subsector) was transport/storage which benefitted from a one-off reclassification.

Construction (-1.9%)

• Eight out of the nine sectors saw a decrease on the month.
• Anecdotal evidence suggests heavy rainfall delayed planned work and decreased output in the month.

via ONS