LONDON (Reuters) – Britain’s economy appears to have picked up steam at the start of the year, with service sector companies reporting the strongest growth in new orders in a year and the best export performance since March. at least 2014, according to the final results of the S&P Global survey.
The services PMI fell to 52.9 from 53.5 in February but remains in expansion territory for a second month in a row.
“The data confirms that the UK services sector returned to growth in the first quarter, supported by a strong rebound in new orders, as business and consumer confidence improved from lows seen in the first quarter. fall,” said Tim Moore, director at S&P Global Market Intelligence.
The composite PMI index came out at 52.2 after 53.1 a month earlier.
The survey shows that the expectations of service professionals have improved for the fifth consecutive month and that optimism about the business outlook is at its highest since March 2022.
However, some have expressed concern over the Bank of England’s (BoE) interest rate hike and the corporate tax hike by Finance Minister Jeremy Hunt.
The growth in new orders was driven by improving consumer confidence while the increase in export sales – the highest since at least 2014 – was helped by a strong recovery in business travel.
Input price growth in March was the weakest since May 2021. Although it remains high by historical standards, the slowdown recorded is good news for the BoE, which is concerned about the persistence of inflationary pressures .
(William Schomberg, Laetitia Volga, edited by Blandine Hénault)
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