London tops output growth rankings, while Northern Ireland continues to outperform on employment front.
The latest NatWest Regional Growth Tracker showed signs of improving business conditions across most parts of the UK in August. Output of goods and services rose in ten of the 12 nations and regions covered by the survey, generally supported by higher inflows of new business, while growth expectations for the year ahead also improved in the majority of cases. The Tracker – which surveyed businesses operating in the manufacturing and services sectors – showed business activity rising in 12 UK nations and regions in August. This was up from seven in July and the most since September last year.
Sebastian Burnside, NatWest Chief Economist, commented:
“Businesses in most parts of the UK enjoyed a better month in August. London continued to lead the way, though the East of England, South West and North East are also worthy of special mentions having seen solid rates of growth.
"Encouragingly, the Tracker's forward-looking indicators have generally improved. Alongside an increase in new business in most areas, we saw stronger business expectations in the majority of cases.
"Efforts to mitigate rising costs continue to be reflected in adjustments to workforce numbers. However, taking a glass half full perspective, most regions did see employment fall more slowly than the month before.
"Price pressures remain stubbornly highly across the UK, with costs rising more quickly than the long-run average in all areas.”
Please see the regional reports in full:
East of England (PDF, 912KB)
East Midlands (PDF, 941KB)
London (PDF, 869KB)
North East (PDF, 878KB)
North West (PDF, 1,420KB)
UK National (PDF, 1,700KB)
Scotland (PDF, 1,535KB)
South East (PDF, 1,100KB)
South West (PDF, 951KB)
Wales (PDF, 944KB)
West Midlands (PDF, 2,537KB)
Yorkshire and the Humber (PDF, 971KB)
