Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.

UK economy averted recession as service sector booms

Posted on May 12, 2023

Britain’s economy is at its strongest level in a year as households are still spending money amid the cost of living crisis to avoid recession.

Bumper activity in the UK’s services sector boosted the overall economy away from the negative forecasts.

Bank of England officials and experts at the Office for Budget Responsibility a few months ago warned of a recession this year, but those chances have been trashed due to stronger spending.

The country's gross domestic product grew by 0.1% in the first 3 months of this year, putting the country in a position to avoid recession in H1 2023.

However, the Bank’s 11th consecutive interest rate hike of 4.25% and global supply chains stabilized output growth, halting British factories.

The services index grew by 4.53 points to 98.22, the best improvement since January 2022, and the highest level since August 2022.

Previous Next