All UK sectors in growth mode for first time in a long time
Thursday, May 20, 2021
The most recent Lloyds Bank UK Recovery Tracker shows that UK sectors that reported output growth first surged to pre-pandemic levels in April when the third national lockdown restrictions were removed.
Production from all 14 UK sectors monitored by the tracker rose in April to its first gain since August 2018, up from 11 in March.
Technology equipment manufacturers (67.7) and metals and mining companies (66.3) posted the largest growth in output in April for the second consecutive month.
The catering industry too has been reporting a rise in forward bookings pending further easing.
The property sector (53.6) saw growth resumed, as companies benefited from the reopening of offices and favourable conditions in the property market in April.
Metals and mining industry producers benefited from global commodity scarcity and rising commodity prices.
Automobile manufacturers (50.1) reported their manufacturing output increased from March's 46.4 (59.3), although the increase was marginal with the sector only marginally in excess of the 50 mark signalling growth.
Jeavon Lolay, head of economics and market insight at Lloyds Bank Commercial Banking, said the UK economy looks set to be back on the fast track, which just goes to fuel the blistering pace of expansion early this quarter as the recent lockdown restrictions are lifted.