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Key findings

  • Demand for goods and services under pressure as prices rise
  • Outlook for business activity clouded by market uncertainty


April's NatWest Regional Growth Tracker showed increasingly difficult operating conditions for businesses across the UK as they faced a combination of softer demand and rising costs. 


The Tracker – which surveyed businesses operating in the manufacturing and services sectors across 12 regions of the country from April 9 to 28 – showed business activity falling in all but one of the 12 UK nations and regions monitored by the survey in April. The sole exception was the South West, where output grew for the fourth month running but at a slower rate than in March. 


The NatWest Regional Growth Tracker Business Activity Index is the first fact-based indicator of regional economic health published each month. A reading above 50 signals growth, and the further above the 50 level the faster the expansion signalled.


Commenting on the Tracker’s findings, Sebastian Burnside, NatWest Chief Economist, said:


“The tracker this month reflects the challenges that economic uncertainty can create for UK businesses of all scales. Firms across the UK reported a challenging start to the second quarter, with demand for goods and services falling in all areas amid this backdrop of economic volatility and rising prices. The South West was alone in recording growth in business activity.


“We cannot ignore the backdrop during which this survey was carried out but regardless, as we’ve seen in the past and as the South West and Scotland illustrates, UK business is resilient and can always offer reasons for optimism throughout.”

NatWest UK Regional Growth Tracker (PDF, 1.8MB)

This material is published by NatWest Group plc (“NatWest Group”), for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not been independently verified by NatWest Group and NatWest Group makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of NatWest Group, as of this date and are subject to change without notice. Copyright © NatWest Group. All rights reserved.

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