UK Composite PMI Indicates Economic Growth in March

The United Kingdom's PMI Composite Output Index, a key indicator of economic health covering both services and manufacturing sectors, rose to 51.5 in March from February's 50.5. This growth, although slightly below the preliminary estimates, underscores a positive trajectory for the UK economy.

Services Sector Leads the Charge

Highlighting the sector's robust performance, the Services PMI Business Activity Index climbed to 52.5 in March, up from 51 in February. Despite this uptick, the final figures were marginally lower than initially projected, pointing to a cautious optimism among businesses.

Expert Insights on the UK's Economic Landscape

"March's data reveals the fastest growth in the UK service sector since August 2024, driven by a resurgence in new orders. However, this recovery is not uniform across the board, with technology and financial services leading the way," noted Tom Moore, Economics Director at S&P Global Market Intelligence.