The UK economy performed stronger than expected, with GDP growing by 0.3% in the three months to February 2019, despite concerns around Brexit.
The services sector was the largest contributor, growing by 0.4% in the three months to February 2019, with the production sector growing by 0.2%. However, the construction sector contracted by 0.6%, resulting in a small negative contribution to GDP growth.
Commenting on today’s GDP figures, Head of GDP Rob Kent-Smith said: “GDP growth remained modest in the latest three months. Services again drove the economy, with a continued strong performance in IT. Manufacturing also continued to recover after weakness at the end of last year with the often-erratic pharmaceutical industry, chemicals and alcohol performing well in recent months.”
UK GDP growth, Q2 2017 until December 2018 to February 2019
Breakdown of GDP growth rates by month
|December 2018||January 2019||February 2019|
|Index of Services||-0.2%||0.3%||0.1%|
|Index of Production||-0.3%||0.7%||0.6%|
Source: Office for National Statistics – GDP monthly estimate
Gross domestic product (GDP) measures the value of goods and services produced in the UK and is a key indicator of the size of and growth in the economy.