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UK GDP rises less than expected in February

The UK's gross domestic product (GDP) rose 0.1% month-on-month in February, less than the 0.3% increase expected by the market, and also significantly lower than the previous value of 0.8%. Although the UK saw a sharp recovery in tourist arrivals after the easing of coronavirus restrictions, the overall economic performance was dragged down by a decline in the auto manufacturing sector. However, on an annual basis, it was still a substantial increase of 9.5%. During the same period, industrial production grew by 1.6% year-on-year, compared with market expectations of a 2.1% increase. Manufacturing production rose 3.6%, beating market expectations for a 3% rise. As for service production, it rose by 11.2%, compared with market expectations for a rise of 10.9%.
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