UK Economy Keeps Growing

New numbers from the Office for National Statistics (ONS) show that the UK economy is doing better. It grew for the second month in a row. In February, it went up by 0.1 per cent, following a 0.3 per cent rise in January. This suggests we might be getting out of the recession we started having in late 2023.

The production sector, especially manufacturing, played a big part in this growth, going up by 1.1 per cent. Services, like public transport and telecommunications, also increased a bit, by 0.1 per cent. But construction went down by 1.9 per cent, mainly because of bad weather.

Chancellor Jeremy Hunt thinks this is a good sign and says we should stick to our economic plan. The ONS also looked again at January’s numbers and found they were even better than we thought.

But some experts are still being careful. Paul Dales from Capital Economics thinks the Bank of England might need to lower interest rates even more.

This news is encouraging for Prime Minister Rishi Sunak, who wants to grow the economy and create more jobs. As the UK economy keeps improving, we can hope for better times ahead.