The british economy has given the surprise. The country’s National Statistics Office (ONS) confirmed this Thursday that the Gross Domestic Product (GDP) grew 0.5% in Februarymore than expected, and the analyst consensus projected an advance of only 0.1%. This is the last piece of information before the outbreak of war in Iran, and is a breath of fresh air for the British Chancellor, Rachel Reeves, who faces the warnings issued this week by the International Monetary Fund (IMF)who believes that the United Kingdom will suffer greatest economic impact of the G7 due to the energy crisis that is causing the conflict in the Middle East. In fact, the IMF reduced its growth forecasts for the United Kingdom to just 0.8% this year, compared to its previous forecast of 1.3%. Reeves herself has precisely spoken about the situation of the British economy after the GDP data for February was released, insisting that the British Government is taking fair and necessary measures in response to the conflict in Iran, which she said will likely significantly affect growth in the coming months. According to the chancellor, «these growth figures show that the Government has the right plan to build a stronger and more resilient economy.» However, he added, «The war in Iran will have a cost» and «that is why we are taking the correct, fair and necessary measures to protect families and businesses.» In more detail, it should be noted that the rebound in GDP has occurred after a growth of 0.3% in the quarter ended in January (a figure revised upwards from the previous 0.2% growth), as explained by the ONS. The production of services grew by 0.5%, after recording growth of 0.3% in the quarter ended in January (a figure that has been revised upwards from the initial growth of 0.2%). For its part, the industrial production grew 1.2%, following growth of 1.7% in the quarter ended January (also revised up from 1.3%). Lastly, the construction production decreased by 2.0%, following the 2.8% fall recorded in the three months to January (in this case, the figure has been revised downwards from the 2% fall published previously). The data on the economy released this Thursday correspond to the weeks prior to the start of the United States and Israel offensive against Iran, which began on February 28. Everything that has happened since then has put the Bank of England (BoE), like the rest of the central banks, at a crossroads. On April 30, the organization meets to decide whether to maintain interest rates at 3.75% or take other measures to contain the effects of the conflict.
