11 Apr 2022
Data published by the Office for National Statistics (ONS) has revealed that UK economic growth slowed in February as a result of a decline in the production of vehicles and electronic products.
The ONS found that the UK economy expanded by 0.1% in February, compared to 0.8% in January, and that the economy is currently 1.5% above its pre-COVID-19 pandemic level.
The data also revealed that the services sector grew in February, particularly in areas such as travel and tourism.
Commenting on the data, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said: 'While economic output continued to rebound in February, the significant slowdown in growth indicates that the UK economy was losing steam even before the impact of Russia's invasion of Ukraine.
'February's slowdown is likely to be the start of a prolonged period of?considerably weaker growth as rising inflation, surging energy bills and higher taxes increasingly damages key drivers of UK output, including consumer spending and business investment.'