UK Economy Shows Slight Growth in February, Averting Deep Recession

Despite a modest 0.1% increase in GDP, concerns about the economy's fragility persist as key sectors like construction face setbacks.

UK GDP grew by 0.1% in February, indicating a potential end to the technical recession that began in the second half of 2023.
Manufacturing sector, especially car production, showed notable improvement, while construction was hampered by adverse weather.
Economists remain cautious, predicting a slow recovery with GDP expected to grow modestly in the first quarter of 2024.
Consumer spending continues to be subdued, with significant cutbacks on non-essential spending reported.
Financial markets have adjusted expectations, with fewer anticipated rate cuts from the Bank of England in 2024.