The UK economy did not grow in February despite experiencing an economic growth surge of 0.4% in January.
According to BBC, the Office for National Statistics said that growth in the construction industry was counteracted by falls in public sector services due to strikes.
In January, there was an unexpected 0.4% surge in economic growth.
The ONS director of economic statistics,Darren Morgan, stated that “the economy saw ‘no growth’ overall” in February.
He added that the construction industry grew significantly due to increased repair work, while retailing also saw a boost as many shops had a good month.
However, Morgan also mentioned that “these were offset by the effects of Civil Service and teachers’ strike action, which impacted the public sector, and unseasonably mild weather led to falls in the use of electricity and gas.”
These figures have come at a time when the UK economy is being weighed down by high energy prices, rising interest rates, and weak trade flows.
The conflict in Ukraine has disrupted gas supplies from Russia to Europe, including the UK. This has led to increased energy prices and concerns about energy security.
The International Monetary Fund on Wednesday warned that the UK is expected to be one of the worst-performing major economies in the world this year.