UK February GDP Falls 0.1%... Negative Growth Even Before COVID-19 Intensified

A truck equipped with an outdoor electronic billboard supporting Boris Johnson, the Prime Minister of the United Kingdom, is driving on the road near St. Thomas' Hospital in London, where he was hospitalized due to the novel coronavirus infection (COVID-19), on the 7th (local time). The billboard displays the message: "He is a father, a son, a brother, and our Prime Minister. We hope for your speedy recovery. The nation is on your side." (Photo by Yonhap News)

[Asia Economy Reporter Moon Jiwon] The United Kingdom's Gross Domestic Product (GDP) contracted in February. With the recent spread of the novel coronavirus infection (COVID-19) further worsening the UK’s economic situation, forecasts suggest that indicators will deteriorate even more after March.

The UK Office for National Statistics (ONS) announced on the 9th (local time) that the GDP in February decreased by 0.1% compared to the previous month.

The UK's monthly growth rate turned positive after recording -0.3% in November last year, with 0.2% in December and 0.1% in January this year, but it reverted to negative again in February.

Looking in detail at the UK's February growth rate, the service index remained flat, while the production index increased by 0.1%.

Manufacturing grew by 0.5%, but construction and agriculture declined by 1.7% and 0.1%, respectively. The sluggishness in construction is interpreted as being due to the impact of typhoons and heavy rain.

On the other hand, the pharmaceutical industry grew by 3.5% as demand for medicines and medical equipment surged following the outbreak of COVID-19.

Since the UK economy entered negative growth before the full-scale spread of COVID-19, indicators are expected to worsen further after March.

This content was produced with the assistance of AI translation services.