The UK’s economic growth slowed more than expected in February, with British industrial production declining as manufacturers struggled to obtain spare parts. The UK’s GDP grew by just 0.1% in February, according to new data from the Office for National Statistics, with activity in the Covid-19 testing and detection and vaccination programs declining. This followed 0.8% growth in January and is lower than the 0.3% growth in February expected by economists. It leaves the economy about 1.5% higher than two years earlier, just before the first lockdowns in the UK. DailyFX Team Live (@DailyFXTeam) Μη Mother GDP (FEB) Real: 0.1% Expected: 0.3% Previous: 0.8% April 11, 2022 The ONS reports that the services sector was the main driver of growth in February, up 0.2%, following the lifting of the “Plan B” restrictions in England at the end of January. This is due to tourism-related industries, following the abolition of coronavirus testing for double-vaccinated travelers arriving in the UK in mid-February, in anticipation of the short break. The “travel agencies, travel agents and other booking services” sector saw a 33% increase in activity and accommodation increased by 23%. Darren McCaffrey (@darrenmccaffrey) The UK economy grew by just 0.1% in February, below expectations He was largely guided by inbound and outbound tourism Although @ONS now says that monthly GDP is 1.5% above the pre-pandemic level of February 2020 April 11, 2022 However, human health activities declined (down 5.1%) due to declining NHS Test and Trace activity and vaccination activity after a busy December and January. The manufacturing sector recorded a decrease in activity by 0.6%, while construction decreased by 0.1%. Manufacturing was the main driver of negative growth in the manufacturing sector, falling by 0.4% in February 2022, according to the ONS. Car production, which has suffered from a shortage of semiconductors, has seen production fall by more than 5%. Shrinkage of 5.4% in the manufacture of transport equipment (due entirely to the decline in car manufacturing), 4.3% in the manufacture of computers, electronics and optical products and 5.0% in the manufacture of chemicals and chemical products were offset slightly from the manufacture of basic medicinal products and pharmaceutical preparations, with an increase of 9.8%. It leaves the monthly GDP 1.5% above the pre-Covid-19 levels of February 2020. Services are now 2.1% higher than before the coronavirus, while construction is 1.1% higher and production is 1.9% lower, according to the ONS. Office for National Statistics (ONS) (@ONS) GDP grew 0.1% in February and is now 1.5% above its pre-pandemic level. Services increased 0.2% (2.1% up), manufacturing decreased 0.4% (0.7% down) and construction fell 0.1% (1.1% up) pic.twitter.com / FnduF93fUC April 11, 2022 Also this morning, Elon Musk decided not to join the Twitter board, in a turn just days after he became its largest shareholder. Twitter CEO Parag Agrawal says he believes the moves are for the better. We have and will always appreciate the contribution of our shareholders whether they are on our board or not. Elon is our biggest shareholder and we will remain open to his contribution “. There will be distractions ahead, but our goals and priorities remain unchanged. Parag Agrawal (@paraga) Elon decided not to become a member of our board. I sent a short note to the company, I share it with all of you here. pic.twitter.com/lfrXACavvk April 11, 2022 Musk posted a hand-held emoji on Twitter following Agrawal’s announcement. Elon Musk (@elonmusk) 🤭 April 11, 2022 He has outlined a number of ways Twitter could (in his view) improve the services, including adding an edit button to tweets and criticizing its surveillance policies. European stock markets are well on their way to opening with lower levels: IGSquawk (@IGSquawk) European Starting Calls: #FTSE 7626 -0.57% # DAX 14143 -0.99% # CAC 6506 -0.65% # AEX 717 -1.06% # MIB 24620 -0.80% # IBEX 8533 -0, 85% 1% # 51 -021% 1 # 51 -0.81% 1% 1 # OMX02. 0.73% # STOXX 3820 -0.99% # IGOpeningCall April 11, 2022
THE AGENDA
7 a.m. BST: UK GDP and Trade Report for February 1 p.m. BST: NIESR Monthly GDP Monitoring for March 2 p.m. BST: Data on Russian foreign trade for February 2 p.m. BST: Bank of Israel interest rate decision
