Activity in the British economy has picked up significantly

By: Trademagazin editor Date: 2021. 11. 03. 11:01

According to the latest data released on Wednesday, the UK economy picked up significantly last month, mainly due to a renewed recovery in the services sector, which produces 80 percent of Britain’s gross domestic product (GDP).

The British economy has recovered

According to a joint survey by the IHS Markit Financial and Economic Reporting Group and the Chartered Institute of Procurement & Supply (CIPS), the seasonally adjusted Purchasing Managers ’Index (PMI) for the UK services sector was 59.1 in October, after a record of 55.4 in September, 55.6 in August, 59.6 in July, 62.4 in June and 62.9 in May.

PMI indices above 50 indicate a pick-up in activity in the sectors surveyed, i.e. last month’s service PMI of 59.1 indicates a very strong pace of activity in this sector. (Kertész Róbert, MTI)