UK private sector growth at 7-year high August

# 19:33
21 August 2020

The business activity in the United Kingdom private sector continued to improve in August, according to a preliminary report released by IHS Markit on Friday, APA reports citing Teletrader.

The Flash UK Composite Output Index stood at 60.3, up from July's final figure of 57.1 and marking the sharpest increase since October 2013.

The Flash UK Services Business Activity Index rose from 56.5 in July to 60.1 in August, while the Flash UK Manufacturing PMI increased to 55.3.

"August's data illustrates that the recovery has gained speed across both the manufacturing and service sectors since July," economics director at IHM Markit, Tim Moore, stated. "The combined expansion of UK private sector output was the fastest for almost seven years, following sharp improvements in business and consumer spending from the lows seen in April," he added.