Brexit stockpiling boosts UK economy in February
The U.K. economy grew in February, by 0.2 percent from January, as manufacturers churned out goods for clients stockpiling ahead of Brexit, data from the Office for National Statistics showed Wednesday.
The figures show Britains economy grew by 0.3 percent in the three months to February, with GDP growth hitting 2 percent year-on-year.
But while Februarys growth beat economists forecasts, growth looks set to be the weakest in a decade this year amid the uncertainty around Britains departure from the European Union, according to forecasts from the IMF and the Bank of England.
Earlier this week, the International Monetary Fund forecast that a worst-case, no-deal Brexit scenario, with severe border disruption and the imposition of tariffs, could tip the U.K. into a two-year recession, with GDP growth sliding by 1.4 percent and 0.8 percent in the first years after leaving the EU.
Britains economy would be expected to grow by 1.2 percent this yeaRead More – Source