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ECONOMY GROWS BY 2.3%

The Office for National Statistics estimates that GDP grew by 2.3% in April this year as Government restrictions continued to ease, causing the fastest monthly growth since July 2020 - with much of it fuelled by a rebound in consumer spending as people are able to get out and about more.

Afford Bond Director, Paul Edwards commented: "Data shows that GDP in April was still 3.7% below the national output seen in February 2020, but stood 1.2% above the initial recovery peak in October 2020, so we remain optimistic - and we have several local and regional clients going from strength to strength."

Services grew by 3.4% in April, while accommodation service activities grew significantly by 68.6% as caravan parks and holiday lets opened up. Food and beverage service activities grew by 39%, meanwhile, as pubs, restaurants and cafes were able to service customers in outdoor seating areas.

Output in the production sector fell by 1.3% while construction saw its first dropoff since December 2020, falling by 2%.

Production, mining and quarrying output fell by 15% in April due to a series of planned temporary closures for maintenance of oil field production sites. However, further ground remains to be recovered, with the economy still about 4% below its pre-pandemic level as concerns mount over the fallout from rising Covid infections this week.

If you would like to discuss future financial plans for your business, please use the Contact Us form here on our website www.affordbond.com - we have offices in Nantwich and Wilmslow, and provide a full service accountancy practice.