UK economy grew 0.5% in February, beating economists' expectations by a long shot

The U.K. economy grew by 0.5% in February, according to preliminary figures from the Office for National Statistics published Thursday.

Economists polled by Reuters expected U.K. gross domestic product (GDP) to have expanded by 0.1% month-on-month.

Services and production both grew by 0.5%, and construction grew by 1% in February.

The rebound came after the economy grew by 0.1% in January (the first estimate from the ONS suggested the economy had flatlined).

While the data for February was far better than expected, analysts said it will very much be viewed as backward-looking data given subsequent events in the Middle East, with the U.S. and Iran launching military operations against Iran on Feb. 28.