Post-Covid rebound driven by professional services while retailers languish, shows FT analysis of official data
The UK’s post-pandemic economic recovery has been powered by professional services and IT while retailers and many manufacturers languish, underscoring the uneven nature of the rebound that Labour is expected to inherit. Activity at consultants, accountants and software programmers is up by more than 10 per cent since the final quarter of 2019, according to a Financial Times analysis of data published by the Office for National Statistics. In the same period, retailers have registered a 4.
The IT sector has been an obvious winner of the post-pandemic shift online: output in information and communication, which includes computer programming and web services, is up 18.6 per cent from its pre-pandemic level. This growth is notable because professional services and information and communications account for about 16 per cent of the economy. The sectors also support services exports, helping consolidate the UK’s position as the second-largest services exporter after the US.
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