UK economy grew in February as firms prepared for lockdown easing By Reuters – Investing.com UK

UK economy grew in February as firms prepared for lockdown easing By Reuters – Investing.com UK

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© Reuters. FILE PHOTO: Commuters walk across the London Bridge during the morning rush hour in London

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By William Schomberg and David Milliken LONDON (Reuters) - Britain's economy grew by 0.4% in February from January as companies prepared for the lifting of a third coronavirus lockdown, according to official data which also showed a partial recovery in post-Brexit trade with the European Union. Economists polled by Reuters had expected growth of 0.6%. However, the data also showed that the fall in gross domestic product in January was not as severe as previously estimated, down by 2.2% compared with the initial reading of a 2.9% drop. Britain's economy shrank by almost 10% last year, its biggest slump in more than three centuries and a more severe fall than in most European economies, as the country was battered by the coronavirus pandemic. Tuesday's data showed GDP remained 7.8% below its level a year earlier, shortly before the pandemic swept Europe, and was 3.1% lower than its level in October, before the two latest lockdowns hammered Britain's huge services sector. Still, a fast rollout of COVID-19 vaccines has raised the prospect of a bounce-back this year and in 2022. Non-essential shops and outdoor hospitality