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Gloucestershire Business News

Continued growth in private sector 'encouraging'

Growth in the private sector is 'encouraging', the CBI says.

Despite ongoing supply chain issues and rising costs, private sector activity grew at a strong pace in the quarter to November.

The Confederation of British Industry's latest growth indicator shows activity has now been increasing at an above average pace for seven consecutive surveys.

Growth remained broad-based and above average across all subsectors. Growth accelerated in consumer services and business & professional services, with the latter seeing the fastest rise in activity since May.

Looking ahead, growth in private sector activity is expected to continue at a firm pace, albeit easing in the coming quarter, taking expectations for growth to their lowest since March. However, expectations remain above the long-run average.

Quicker growth in distribution volumes and manufacturing output are expected to more than offset growth in consumer services -coming to a halt - and slower growth across business and professional services.

Alpesh Paleja, CBI Lead Economist, said: "Given challenges across supply chains and rising cost pressures, the resilience shown by the private sector across the past seven months has been encouraging.

"Our surveys were conducted before concern over the Omicron variant grew, so any impact on activity and confidence will need to be watched closely. Some turbulence had been expected anyway in the three months to December, with consumer services diverging from other sectors.

"Looking further ahead, we should build on the economy's resilience as we head into next year and focus on delivering the high wage, high skill, high growth economy we all want for the country."

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