Britain’s gross domestic product shrank by 1.6 percent in the three months to February 2021, the steepest period of contraction since May-July but better than market expectations of a 1.9 percent fall. In February alone, the GDP rose by 0.4 percent, compared with forecasts of a 0.6 percent increase, as government restrictions affecting economic activity remained broadly unchanged. February’s level was still 7.8 percent below that seen in February 2020 and was 3.1 percent below levels seen in October 2020, the initial recovery peak. Output in the services sector was broadly flat, while the production and construction sectors grew.
