According to the report from Office for National Statistics, UK gross domestic product (GDP) is estimated to have grown by 0.4% in February 2021, as government restrictions affecting economic activity remained broadly unchanged. Economists had expected a 0.6% increase.

The service sector grew by 0.2% in February 2021, as wholesale and retail trade sales picked up a little but, overall, consumer-facing services industries remain well below pre-pandemic (February 2020) levels.

Output in the production sector grew by 1.0% in February 2021, as manufacturing grew 1.3% following contraction in January.

The construction sector grew by 1.6% in February 2021, driven by growth in both new work and repair and maintenance.

February’s GDP is 7.8% below the levels seen in February 2020, compared with 3.1% below the initial recovery peak in October 2020.

Latest estimates show that January’s GDP fell by 2.2%, an upward revision from negative 2.9%.