The latest Growth Indicator published by the Confederation of British Industry (CBI), suggests that private sector activity across the economy grew at its fastest pace in almost six years during the three months to May.
Responses to the survey were collected between 27 April and 17 May from 552 firms, with the latest composite measure recording a total balance of +30%, compared to +1% in the three months to April. In terms of sector performance, business and professional services activity was found to be growing at a record pace, while distribution sales and manufacturing output rose at their fastest rates since August 2018 and December 2018, respectively.
The survey also suggests that private sector growth is set to accelerate even further over the summer, with all sectors anticipating strong growth during the next three months. Indeed, if these expectations were to be met, that would represent the fastest rate of economic growth in the survey’s 18-year history.
Commenting on the findings, CBI Lead Economist Alpesh Paleja said, “As the country slowly but surely reopens, the economy has really taken off. Most sectors have seen a real uplift in activity in recent months and believe that the outlook for the summer is strong.”