British leading indicators climb

April 12, 2013 at 10:56 AM

LONDON, April 12 (UPI) -- The Leading Economic Index for Britain rose 0.4 percent in February after climbing 0.2 percent in January, The Conference Board said Friday.

The index rose to 102.4 as four of the seven component indexes made gains in the month, The Conference Board said.

The index assigns a base value of 100 to the year 2004. A number above 100 shows the indicators have risen compared with the average for the index in 2004. Conversely, if the index is less than 100, the indicators are lower than the average for 2004.

The Conference Board said the Coincident Index for Britain, which measures current economic activity, also rose 0.2 percent in February after a decline of 0.1 percent in January.

The Coincident Index slipped to 104.2.

"Recent gains in the U.K. LEI signal the potential for a modest recovery in the U.K. economy later this year, especially if improvements in business confidence continue," said Brian Schaitkin, economist for Europe with The Conference Board.

"However, financial turbulence in the Euro Area remains a major downside risk that could delay a turnaround in economic growth," he said in a statement.

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