ADS reports that almost one year after the pandemic hit, the UK’s economy remains almost flat and shows an annual decline of almost 10 per cent.
The UK’s GDP for February 2021 is 7.8 per cent below the same month a year early, February 2020, before the effects of the pandemic were seen. Despite an increase of 0.2 per cent in the month of February, services and in particular, consumer facing services remained weak and below pre pandemic levels by 8.8 per cent.
Production output grew by 1 per cent in February 2021, as restrictions continued for many areas of the economy during the month. The main contributors to production output and growth were construction which grew 1.6 per cent and manufacturing which grew by 1.3 per cent. Production output remains 2.5 per cent below pre-pandemic levels of February 2020 and almost half of the production industries are below their February 2020 level but some, such as manufacture of other chemical products, have grown considerably.
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