UK GDP grew 0.4% mom in February, below expectation of 0.6% mom. Service sector grew 0.2% mom. Production grew 1.0%, with manufacturing up 1.3% mom. Construction grew 1.6% mom.
Comparing to pre-pandemic level seen in February 2020, overall GDP was still down -7.8%. Services was down -8.8%. Production down -3.5%, with manufacturing down -4.2%. Construction was down -4.3%.
Comparing to initial recovery peak in October 2020, overall GDP was down -3.1%. Services was down -3.9%. Production was flat, with manufacturing down -0.3%. Construction was flat.
Also released, goods trade deficit widened to GBP -16.4B in February, larger than expectation of GBP -10.4B.
