In this latest report, the UK Economic Indicator, our Performance Improvement team provides an overview of the macroeconomy and insight into consumer trends and activity. Q1 data indicates a number of persistent headwinds that make for a stable performance pattern but a challenging landscape for short-term growth.
- Consumer confidence continues to rebuild slowly but still shows a negative outlook in relation to the economy and major purchases. Consumer credit continues to climb, increasing by 14% from the beginning of the year to March 2024.
- Retail sales have been relatively flat in recent months but were propped up by inflation as the volume index continues to show a small negative trend since the post-Covid period.
- Inflation continues to fall, down to 2.3% in April 2024 due to falling gas and electricity prices. And 2024 has started with three-quarters of gross domestic product (GDP) growth, up by almost 1% since December 2023 with consistent increases in contributions from the Services sector.
If you would like to discuss any of the findings covered in the overview or are looking for more information, please contact Craig Bowen.
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