UK Economy Returns to Growth as EU Exports Rebound

The UK economy grew by 0.4% in February despite the national lockdown restrictions, new figures show. Figures released by the Office for National Statistics show that the economy is beginning to stabilise after GDP fell by 2.2% in January (initially pinned at 2.9%), buoyed by a record uptick in retail sales, advanced manufacturing activity, and construction. Obviously good news, although overall the economy is still 7.8% smaller than its pre-pandemic level.

Still, there was more for Guido to cheer in the ONS’s data: total UK exports to the EU shot up by 46.6% (£3.7 billion) from January, with the number of UK-build car exports matching pre-pandemic levels from February 2020. Exports of food and livestock also rose by 77%. As expected, businesses are adapting to the UK’s new relationship with the EU – who could’ve guessed?

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