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Financial News: UK GDP Falls At Slower Pace In February

UK GDP Falls At Slower Pace In February

04/13/2021 - 02:45:00 (RTTNews)

(RTTNews) - The UK economy contracted at a slower pace in February as restrictions were in place to varying degrees across all four nations of the country, the Office for National Statistics reported Tuesday.

Gross domestic product dropped 0.4 percent, following a revised 2.2 percent fall in January. This was slower than the expected fall of 0.6 percent.

February's GDP was 7.8 percent below the levels seen in February 2020, data showed.

Driven by wholesale and retail trade, services output gained 0.2 percent in February. The production sector also grew in February, by 1.0 percent. This was mainly because of manufacturing output picking up by 1.3 percent, the first rise since November 2020.

Underpinned by new work and repair and maintenance, construction output was up 1.6 percent.

Another report from the ONS showed that the visible trade gap widened to GBP 16.44 billion in February from GBP 12.59 billion in January. The total trade deficit increased sharply to GBP 7.12 billion from GBP 3.37 billion a month ago.

On a monthly basis, exports and imports of goods increased 9.9 percent and 17.4 percent, respectively.

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