The British economy shrank in February, reflecting the weakness in the economy even before the emergence of the damaging effect of the coronavirus, the monthly GDP data released on Thursday showed.
The U.K. economy reported a 0.1 percent contraction in February, following an upwardly revised of 0.1 percent growth in January. Analysts had called for a 0.1 percent expansion.
It seems that the situation could get worse due to the rapid spread of the Covid-19, where the total number of coronavirus cases in the U.K. totaled 60,733, while the deaths toll reached 7,097.
The Respiratory disease even hit Prime Minister Boris Johnson, sending him to the intensive care, but a U.K. government official said he is “improving”.
Manufacturing production signaled a 0.5 percent increase two months ago, while construction output dipped 1.7 percent.
The goods trade deficit widened to 11.5 billion pounds, compared to a revised shortfall of 5.8 billion pounds.
As of 07:06 GMT, the
GBPUSD pair was little changed, trading at 1.2383, after rising over the
previous two sessions.