Britain’s economy shrank 0.1 percent in February from a month earlier. It was reported by the British National Statistical Office. Economists generally expected the economy to grow by 0.1 percent on a monthly basis, after a plus of 0.1 percent in January.
The British government recently announced stricter measures to prevent the further spread of the new coronavirus. The published figures are from before those measures were established. The fact that there had already been a decline before that will not do confidence good. The Bank of England (BoE) previously stated it would do anything to help the economy. For example, interest rates were lowered earlier and other measures were taken to stimulate growth.
Figures were also produced on industrial production in the United Kingdom. This rose by 0.1 percent in February, which was also expected. Furthermore, construction output in the UK unexpectedly declined by 1.7 percent.