The British economy stabilized in February, with no growth in GDP, according to official figures from the Office for National Statistics.
The bureau’s data showed that civil sector strikes and lower energy consumption offset growth in areas such as construction.
Services output fell 0.1% in February, after growing 0.7% in January 2023. Education was the largest contributor to negative growth in the services industry, falling 1.7% in the month when a teachers’ strike occurred, while a public administration strike was second. The largest contributor to negative growth is in the service industry. This followed growth of 0.4% in January.
The latest forecast from the independent economic forecaster, the Office for Budget Responsibility (OBR), said the UK would avoid a recession in 2023, but the economy would still contract overall this year by 0.2%.
In turn, Finance Minister Jeremy Hunt said, “The economic outlook looks brighter than expected..Gross domestic product grew in the three months to February, and we are ready to avoid a recession thanks to the steps we have taken through a huge package to support the cost of living for families and radical reforms to enhance opportunities.” Work, invest in the market and business.
This article was originally published by RT.