UK GDP Grows 0.5% in February; China Q1 Growth Hits 5%
The UK economy expanded by 0.5% in February, significantly exceeding the 0.1% growth forecast by City analysts, according to new data from the Office for National Statistics (ONS). This positive figure was driven by equal growth in services and production, alongside a 1.0% rise in construction. January’s data was also revised upward to show 0.1% growth. However, this pre-conflict data is considered somewhat historic as the ongoing Iran war and Middle East tensions reshape global economic prospects. Consequently, the IMF has lowered its 2026 UK growth forecast to 0.8%. In response to soaring energy costs caused by the conflict, Chancellor Rachel Reeves announced an expansion of the British Industrial Competitiveness Scheme to support 10,000 energy-intensive businesses. Meanwhile, China reported robust economic performance with first-quarter 2026 GDP growing by 5% year-on-year, marking an acceleration from the previous quarter and signaling a strong start for Beijing amidst global uncertainty.
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UK GDP Grows 0.5% in February; China Q1 Growth Hits 5%
The UK economy expanded by 0.5% in February, significantly exceeding the 0.1% growth forecast by City analysts, according to new data from the Office for National Statistics (ONS). This positive figure was driven by equal growth in services and production, alongside a 1.0% rise in construction. January’s data was also revised upward to show 0.1% growth. However, this pre-conflict data is considered somewhat historic as the ongoing Iran war and Middle East tensions reshape global economic prospects. Consequently, the IMF has lowered its 2026 UK growth forecast to 0.8%. In response to soaring energy costs caused by the conflict, Chancellor Rachel Reeves announced an expansion of the British Industrial Competitiveness Scheme to support 10,000 energy-intensive businesses. Meanwhile, China reported robust economic performance with first-quarter 2026 GDP growing by 5% year-on-year, marking an acceleration from the previous quarter and signaling a strong start for Beijing amidst global uncertainty.
The Guardian