Britain’s services sector recorded the biggest jump in activity in 24 years last month,as new data shows the country is experiencing a rapid rebound as the economy reopens.
The IHS Markit/CIPS Purchasing Managers’ Index rose to 62.9 in May from 61.0 in April – its highest since May 1997 and above an initial estimate of 61.8.
“The latest survey results set the scene for an eye-popping rate of UK GDP growth in the second quarter of 2021, led by the reopening of customer-facing parts of the economy after winter lockdowns,” IHS Markit’s economics director, Tim Moore, said.
The composite PMI, which includes previously released manufacturing data, rose to its highest since the series began in January 1998 at 62.9, up from April’s reading of 60.7.
Earlier this week the Organisation for Economic Cooperation and Development forecast Britain would see the fastest growth of any major economy this year.
But the scale of Britain’s economic slump last year – the biggest in over 300 years – means it will take longer than the United States, Germany or Japan for output to return to pre-crisis levels.
Britain’s services sector recorded the biggest jump in activity in 24 years last month,as new data shows the country is experiencing a rapid rebound as the economy reopens.
