UK economy grows as factories get boost through pre-Brexit stockpiling

However, Britain still looks set for its weakest growth in a decade This particular year, according to forecasts through the IMF in addition to also the Bank of England which assume a Brexit deal will be done.

Prime Minister Theresa May will seek a completely new delay to Brexit when she meets EU leaders on Wednesday, just two days before Britain will be due to leave the bloc without the cushion of a transition deal.

Wednesday’s data showed that will over the three months to February, the economy grew by 0.3 percent, holding at the same pace as in January — which was revised up through a previous estimate — in addition to also stronger than a forecast of 0.2 percent within the Reuters poll.

Manufacturing output jumped by 0.9 percent in February through January, stronger than all forecasts within the Reuters poll in addition to also accounting for about half of the overall economic growth rate.

The ONS said the idea seen signs that will clients of manufacturers were stockpiling goods to get ahead of any border delays within the event of a no-deal Brexit which was scheduled for March 29 nevertheless was subsequently delayed.

An ONS official said orders were being brought forward to beat the Brexit schedule, suggesting a likely drag on the numbers for coming months.

The statistics office said the idea could not quantify the impact of stockpiling on the data.

Britain’s dominant services sector grew by 0.1 percent in monthly terms in February, held back by the 12th fall in a row within the financial services sector – the longest such run on record — while construction rose by 0.4 percent.

There were signs that will the slowdown within the global economy was also weighing on Britain’s economy.

Export volumes fell by 0.4 percent within the three months to February through the three months to November while imports jumped by 6.8 percent.

So far, Britain’s exporters have shown no sign of being helped by the fall within the value of the pound caused by the 2016 Brexit referendum.

The ONS said the idea could not say whether the increase in imports was driven by pre-Brexit stockpiling.