UK business activity index showed growth in June

The S&P Global UK Composite Purchasing Managers' Index (PMI), a key indicator of private-sector economic health, rose to 50.7 in June, up from 50.3 in May, Reuters reports.

The UK services PMI recorded its fastest growth in three months, rising to 51.3 in June, and outperforming both Germany and France. Meanwhile, the manufacturing PMI improved to 47.7. In May, the index stood at 46.4.

According to S&P Global, the report indicates UK economic growth of approximately 0.1% between April and June. This aligns with the Bank of England’s estimate of the country’s current underlying GDP growth rate.

The improvement followed a deterioration in early Q2 performance. Official data shows the UK economy slowed sharply in April, which was attributed to unpredictable US administration policies and the expiration of property sales tax incentives.