Preliminary estimates from the UK Office for National Statistics showed that UK GDP rose by 0.5% in February, compared to a revised 0.0% in January, which was revised from a 0.1% decline. This was better than expectations of a 0.1% growth, driven primarily by growth in the services sector.

This reading is expected to see the UK economy grow by 0.6% in the three months ending in February.

The services sector, which accounts for more than 70% of the UK economy, grew by 0.3% in February, compared to 0.1% in January, and rose by 0.6% in the three months ending in February.

The construction sector grew by 0.4%, and output grew by 1.5% in February after a 0.5% decline in January, supported by growth in manufacturing production.