The UK’s economy has shown bounce-back signs and modest growth in February, despite COVID-19 measures in place. GDP figures are produced every month in the UK and figures from the Office for National Statistics show that the economy grew by 0.4% following a ‘revised fall of 2.2% in January 2020’. While GDP is still 7.8% lower than that of February 2020, this may show more economic stabilisation after retail and construction growth and the increased exports of goods to the EU that rose by 47 percent indicating a partial recovery in trade. A spokesman from the ONS said:
"The economy showed some improvement in February after the large falls seen at the start of the year but remains around 8% below its pre-pandemic level”.
The service sector still remains weak as it only grew by 0.2% during this time and it is expected that the rapid rollout of vaccines and gradual lift of restrictions will promise a faster economic revival.
