S&P Global/CIPS announced that the UK Manufacturing and Service Purchasing Managers’ Index (PMI) fell to 59.7 in March from a record 59.9 in February.
The PMI is above 50, indicating that the UK corporate sector continues to expand.
Chris Williamson, chief economist at S&P Global, said the revival of the economy following measures to contain the coronavirus has helped offset the impact of the Russian-Ukrainian war crisis. It also includes Britain’s exit from the European Union and the problem of rising product prices.
In addition, the situation for the UK private sector is still tight. The conflict between Russia and Ukraine is even causing concern that product prices will rise even more sharply in the near future. In addition, supply chain problems could worsen and slow down the economic recovery.