The report tracks monthly changes in business activity, demand, employment, backlogs, prices and the year-ahead outlook. 

The data is compiled from companies that participate in S&P Global's UK manufacturing and services PMI surveys. The Tracker's headline figure is the Business Activity Index. Any reading above 50.0 signals growth, and the further above the 50.0 threshold it is, the faster the rate of signalled growth.    

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

"The majority of UK regions have seen signs of expansion since the start of the new year, with February seeing activity rise in ten areas, up from nine in January. Even where growth has been harder to come by in recent months, there is optimism among businesses that output will increase as we move through 2026.    

"Businesses are seemingly content to work with leaner workforces, not least as a way to mitigate rising costs, with only Scotland seeing a rise in employment in February.  However, there are signs of capacity pressures beginning to build in some areas which point to some upside potential for hiring in the coming months. 

"It was encouraging to see rates of inflation in firms' input costs and output prices ease in over half of cases in February. However,  the higher wholesale energy prices seen in early March, combined with impact on oil prices, supply chain and UK economy arising from the conflict in the Middle East has the potential to reverse these trends."

Please see the regional reports in full:

East of England (PDF, 922.6KB)

East Midlands (PDF, 979.4KB)

London (PDF, 921.1KB)

North East (PDF, 1,000KB)

North West (PDF, 2,600KB)

UK National (PDF, 3,000KB)

South East (PDF, 980.5KB)

South West (PDF, 1,400KB)

Wales (PDF, 982.5KB)

West Midlands (PDF, 960.5KB)

Yorkshire and the Humber (PDF, 3,200KB)