The UK economy saw significant growth during May, with demand rising in nine sectors – the most since February 2023.
Data shows that more parts of the UK economy grew in May than at any time in the last 15 months.
The Lloyds Bank UK Sector Tracker also revealed that 11 out of the 14 UK sectors monitored reported output growth – up from eight in April.
Commenting on the findings, Nikesh Sawjani, Senior UK Economist, Lloyds Bank, said, “Having not grown in April, our latest UK Sector Tracker suggests that the economy moved back into growth mode in May. Our sector-level insight showed that growth broadened out to more parts of the economy – it’s no longer concentrated in just one or two particularly fast-growing sectors.”
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Dave Atkinson, UK Head of Manufacturing, SME & Mid-Corporates, Lloyds Bank, added, “We’re seeing broader manufacturing output growth reflected in stronger demand for our specialist products like hire purchase and leasing to fund new plant and machinery and more requests to support with decarbonisation initiatives.
“While building larger input inventories can help firms to quickly capitalise on further growth opportunities and weather any supply chain challenges during growth, it can also put pressure on working capital. Management teams will need to keep this in mind as they continue to plan their strategies.”
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