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.
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