This follows a growth of 0.1% in January – revised up from a stagnant reading – and the same level of growth in December.
Services output and production output both grew by 0.5% and construction output expanded by 1%.
On a quarterly basis, real GDP also experienced a rise of 0.5%, up from 0.3% in the three months to January.
‘Months ahead may start to look different’
Although seeming like good news on the face of it, the figures reflect a time before the impact of the ongoing turmoil in the Middle East had fed through. The market continues to experience unrest due to this, with mortgage products frequently changing or being withdrawn altogether.
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Mike Randall, CEO of Simply Asset Finance, said: “A sharp increase in GDP compounds the positive economic growth we saw in January, further reflecting the optimism of businesses at the start of the year.
“While the months ahead may start to look different, one thing holds true – certainty is the fuel that keeps growth moving. When businesses have clarity, they invest, plan and generally feel more confident.
“With global conflict now weighing down on markets and driving up costs, we can’t afford to lose these green shoots of growth. It’s important we act now to ensure conditions remain supportive for businesses – regardless of the ups and downs – backing firms with the funding, clarity and direction they need to thrive.”
