This article is part of our collection on Reports
The new quarterly Small Business Recovery PMI, which monitors the business conditions and activity of SMEs across the manufacturing, services and construction sectors, saw the strongest upturn in output from small firms in over four years.
Last updated: 19 Apr 2021 1 min read
The latest Royal Bank of Scotland UK Small Business Recovery PMI saw UK small business output rise for the first time in six months during March, giving the strongest reading since November 2016.
The recovery was led by small firms in the construction sector, who saw their fastest growth in nearly 20 years. March also saw small business output in Scotland rise for the first time since last August.
However, in Q1 of 2021, small manufacturers recorded the longest lengthening of supplier lead times since this index began in 1992, with higher demand placing pressure on supply chains already struggling with pandemic disruptions and Brexit trade frictions.
Stephen Blackman, Royal Bank of Scotland principal economist, commented: “Overall, the outlook for the UK economy is brightening, and, with the International Monetary Fund recently upgrading its forecast for UK growth, this suggests lost output in the UK will be recovered sooner than previously expected, possibly in early 2022.”
To read the full report, click the link below.