Handelsbanken: UK Economy Likely Recovered by Q1 2022
Handelsbanken, a BSCC Patron member, has analysed the UK’s performance in Q2 of 2021 with their UK Chief Economist, James Sproule, identifying the strong 87.8% increase in the ‘accommodation and food service’ sector. This was partially attributed to the success of England in Euro 2020 but also mainly due to the re-opening of indoor hospitality with COVID restrictions. Sproule additionally went on to state that the accommodation sector will receive a further boost in coming months as ‘staycations’ remain the easiest option for holidays.
The UK construction output rose 4.4% during the quarter- including in areas of ‘growth and maintenance’ of infrastructure. An identified obstacle to this growth was the “reported limited availability” of certain construction materials (timber, steel, cement and tiles in particular). Handelsbanken’s UK Chief Economist concluded by outlining that the nation’s economy is now 4.4% below pre-pandemic levels and that “it is likely” a full recovery will have happened by Q1 of 2022. Click here to learn more.