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UK Service Sector Growth Hits 8-Month High as Omicron Variant Wanes

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Great Britain highway Flag in perspective as a three dimensional symbol made of intersecting roads to form an icon of British economic growth

British service activity rebounded to an 8-month high in February amid an increase in activity and new orders as the Omicron-variant wave eased.

Source: IHS Markit

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IHS Markit’s PMI business activity index, reading surged to 60.5 in February, up from 54.1 the prior month, signalling a sharp increase in output.

The rates of expansion in both business activity and new orders grew sharply during the month, driven by stronger job creation.

Andrew Harker, economics director at IHS Markit stated the fading away of the Omicron variant contributed to the recovery of growth in the UK service sector in February.

Respondents of the survey stated that market demand and customer confidence improved alongside a decline in pandemic-related disruptions, supporting the growth of activity.

New business increased at a faster rate amid an easing of pandemic restrictions and the fastest growth in eight months.

Meanwhile, inflationary pressures also increased during the month due to higher costs, salaries, fuel and utilities.

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