Preliminary estimates from the UK’s Office for National Statistics show that the UK’s gross domestic product (GDP) rose by 0.5% in February, following a revised 0.1% increase in January. This exceeded expectations of 0.1% growth. The economy also grew by 0.5% in the three months to February, after a revised 0.3% increase in the three months to January.

The services sector, which accounts for more than 70% of the UK economy, grew by 0.5% in the three months to February and also by 0.5% in February. The construction sector grew by 1% in February, but declined by 2.0% in the three months to February. Production output grew by 1.2% in the three months to February.