The UK economy grew faster than expected in February, seeing its biggest monthly rise in more than two years.
According to the Office for National Statistics, the economy grew by 0.5% in February, beating forecasts of 0.1% from most economists.
Growth figures have also been revised up to 0.1% for January, with the ONS having previously said there had been no growth to start the year.
These numbers cover the period right up to the start of Donald Trump’s war in Iran, which has sparked fears of an energy crisis and potential global recession as a result of the Strait of Hormuz being effectively shut.
The revised figures, that should be good news for the government and chancellor Rachel Reeves, come in the same week as the International Monetary Fund predicted the UK would be the G7 nation hit the hardest by the Iran war.
The IMF cut its estimate for UK growth this year to 0.8%, down from its 1.3% prediction at the start of the year.
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The UK economy had been widely expected to grow by just 0.1% in February. The last time the economy experienced a monthly rise as big as 0.5% was in January 2024.
The growth was sparked by 0.5% growth in the key services sector, the fourth consecutive monthly rise.
Production output also grew by 0.5% in the month, and construction rose by 1.0%.
Also this month, Britain’s financial services firms experienced the fastest turnaround in fortunes for the sector in 30 years, in a surprise boost for the government.
However, the positive signs in the economy are all about to be undone by the impact of the war in Iran.