UK economy grows as price pressure on travel sector ease

 Friday, March 24, 2023 


The UK Sector Tracker of Lloyds Bank found more UK sectors reported a rise in productivity in February compared to any time in the last 10 months.

Out of the 14 sectors checked by the tracker, in Feb, 11 witnessed an output expand compared to 6 in January. It’s the highest number since April last year.

Output growth all over the sectors was supported by the rising numbers of new orders, of 10 of the 14 sectors witnessing rise in volumes in new order expand in Feb.

A rise in customer confidence in the middle of weaker inflation assisted to raise the demand, Lloyds stated, and the business numbers across the economy connecting lower orders to higher prices month-on-month almost halved.

In February, businesses’ own speed of cost inflation also got sluggish and of the 14 sectors that was watched over, 12 reported a slower inflation than the month earlier.

Tourism and recreation – which comprises tour operators, travel agencies, and related services, witnessed ease in price pressure.

In the meantime, for the first time in three months, UK businesses increased their headcounts in February. Yet firm reports are still showing suffering of staff shortages and their increase.

The number of businesses, in February, making a statement on backlogs of work because of shortages in labour was at an eight-month high.

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