The accounting sector dropped 0.5% in February to £3.5bn, but this is expected after the huge demands that come with January’s self-assessment deadline. January saw a 15.4% increase as a result of this.

Julie Matheson, accounting industry regulatory partner at Kingsley Napley said: ‘Although dropping slightly in February, the accounting sector is up 8.4% on the same month last year, proving the resilience of the sector.

‘By comparison, the overall services sector is up by just 3% on last year’s figures. We know some accounting leaders have been reviewing their cost base, however, hopefully, the sector will begin to bounce back with reports of a more positive wider economic picture in the spring.’

A main contributor to the growth in GDP was the services sector, with 0.1% growth for the month, with eight out of the 14 sectors displaying growth, led by transport and IT.

Retail sales and repair of vehicles fell by 0.5%, holding the services sector back, along with social work activities (-0.6%) and accommodation and food services (-1.2%).

The manufacturing sector grew by 1.1% in February, being the largest contributor to GDP over the month, which was a positive turn after it fell 0.3% in January.

The Office for National Statistics also adjusted the original January figure of 0.1% up to 0.3%.

Danni Hewson, head of financial analysis at AJ Bell said: ‘Any growth is good news and certainly the UK seems to be trudging slowly out of last year’s short-lived recession.

‘But at 0.1% in February and even with the upwardly revised 0.3% in January, UK growth looks pretty pitiful when you compare it to the economic picture on the other side of the pond.

‘Production was a bright spot in these figures and it’s great to see the UK making stuff and doing it well.’

After January’s 1.1% in the construction sector, February set this back with a 1.9% decline. This was mainly due to new work falling 2.3% and repair and maintenance dropping 1.4%.

Eight out of the nine sub-sectors saw a decline in February, although this could be due to heavy rainfall which has persisted throughout the year so far. According to the Met Office, February 2024 was the fourth wettest on record.

Hewson said: ‘Construction work slowed once again and the rain undoubtedly played a part here, but it wasn’t the whole story.

‘Housebuilders have taken a good look at the ever-changing interest rate picture and decided to keep their powder dry. Slowing supply to a trickle keeps prices elevated and even though many costs have come down labour is still proving an expensive and sometimes illusive consideration.’

Richard Carter, head of fixed interest research at Quilter Cheviot said: ‘Though the UK appears to be entering a slightly more positive period, the economy is still sluggish, and given inflation recently fell to 3.4%, the Bank of England will be facing ever mounting pressure to begin cutting rates.’