The British economy is growing for the second month in a row after a mild recession

The expansion of national production in February raises hopes that Britain will emerge from recession.

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The UK's gross domestic product rose 0.1% in February, confirming that the UK economy has been growing for two months in a row.

January's growth figure, previously at 0.2%, was also raised to 0.3%, according to data released by the Office for National Statistics on Friday.

The expansion seen in February, which was in line with analysts' forecasts, is a welcome sign after the UK slipped into recession late last year, marked by two consecutive quarters of economic contraction.

If the economy grows in the first three months of 2024, the recession can be considered over and the UK will move closer to this goal.

“The [data] “supports our cautiously optimistic view of the UK economy, which we believe still has plenty of room for recovery after disappointing performance in 2023,” said Matthew Ryan, head of market strategy at global financial services firm Ebury.

“The continued moderation in inflation, particularly following the impending decline in household energy bills in April, should support purchasing activity,” he added.

The biggest driver of growth in February was production, which rose 1.1% after falling 0.3% in January.

Services production rose a modest 0.1% for the month, down from 0.3% in January.

Construction production, which fell by 1.9% due to wet weather, had a negative impact on overall growth.

Although UK growth is still modest, Chancellor Jeremy Hunt claimed the data was a “welcome sign that the economy is reaching a turning point”.

Last year's recession was a major blow to the ruling Conservative Party as it prepares for an expected general election in 2024.

Friday's news could still remove any urgency for the Bank of England to cut interest rates.

The bank is now expected to cut borrowing costs from their 16-year peak of 5.25% in June.

February's positive reading will undoubtedly raise hopes of a soft landing – meaning the fight against inflation can succeed without triggering a sustained recession.