OUR British economy it did not grow in February, the month of major strikes. But the recovery in January was stronger than originally expected, meaning a recession in early 2023 is unlikely, official data show. In accordance with ReutersThe Office for National Statistics (ONS) said on Thursday that February’s output was flat on a monthly basis. A Reuters poll of economists showed an increase of 0.1%.

The huge service sector contracted 0.1% in February due to strikes by teachers and other public sector workers, but was offset by growth in the much smaller construction sector, which recovered from bad weather in January, the ONS reported. The ONS has revised its January monthly growth rate for the economy as a whole to 0.4% from the previous estimate of 0.3%. The revision means the economy would have to contract by 0.6% in March to show contraction in the first quarter as a whole, as expected by the Bank of England. Chancellor of the Exchequer Jeremy Hunt said the numbers show the UK’s economic performance is better than previously thought. “The combination of an upward revision in GDP data and improved global economic conditions could help the UK economy avoid a recession this year,” said Yael Selfin, chief economist at KPMG UK. “While this will bring relief to policy makers, growth prospects over the medium term remain relatively weak by historical standards.” Meanwhile, the UK trade deficit, excluding precious metals, widened by £2.3bn to £23.5bn in the quarter to February, the Office for National Statistics said on Thursday.

Exports fell 1.1bn pounds, or 3.5%, to 31bn, both to EU and non-EU countries. they moved negatively. Meanwhile, imports fell 700 million, or 1.4%, to 50 billion, with imports from the European Union up 1.5% in March and imports from non-EU countries. decrease by 4.5%.