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Millennium Wheel And Skyline At Sunset. London, England. <\/p>\n
Design Pics Editorial | Universal Images Group | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
The U.K. economy<\/a> grew by 0.5% in February, according to preliminary figures from the Office for National Statistics published Thursday.<\/p>\n Economists polled by Reuters expected U.K. gross domestic product (GDP) to have expanded by 0.1% month-on-month.<\/p>\n Services and production both grew by 0.5%, and construction grew by 1% in February 2026.<\/p>\n The rebound came after the economy grew by 0.1% in January <\/a>(the first estimate suggested the economy had flatlined).<\/p>\n The International Monetary Fund warned earlier this week that the U.K. could see the biggest hit to growth from the Iran war of any major economy. <\/p>\n The IMF is now forecasting U.K. growth of just 0.8% in 2026, down from a previous forecast of 1.3%. that the IMF made in January<\/p>\n “Looking ahead, we expect growth to temper,” Sanjay Raja, chief U.K. economist at Deutsche Bank, said in emailed analysis. <\/p>\n “Indeed, higher uncertainty would dampen spending and investment. Tighter financial conditions won’t help either. With sentiment weakening, we expect output to also take a hit,” he added.<\/p>\n As a net importer of energy, the U.K. is particularly vulnerable to global energy price shocks like the one being caused by conflict in the Middle East, which has put a stranglehold on oil and gas exports from the region. <\/p>\n Before the war began in late February, the Bank of England was expected to cut interest rates as inflation cooled to its 2% target. The war has put paid to those expectations, however.<\/p>\n Economists now expect U.K inflation to accelerate in March to 3.3%, from 3% in February, forcing the bank to hike interest rates at least once this year. The latest inflation data is due on April 22.<\/p>\n This is a breaking news story. Please refresh for updates.<\/strong><\/em><\/p>\n<\/div>\n
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