COVID-19 vaccine rollout drives UK businesses’ growth expectations

8 out of 14 UK sectors outperformed their international counterparts in December

COVID-19 vaccine UK

COVID-19 vaccine rollout drives UK businesses’ growth expectations. Source: shutterstock.com

According to the survey, 11 of the 14 UK sectors anticipated stronger output growth as the UK’s COVID-19 vaccination program got underway.

The UK’s software services sector’s expectations for growth were strongest of all sectors and well ahead of the rest of the world in December, with a reading of 81.5% against the global benchmark of 70.9%.

As to the industrial goods sector (75.6%), it was among those furthest ahead of the global benchmark (66.2%) in December. The expectation of increased investment in industrial development and a positive outlook for the UK construction industry was behind the sector’s optimism for the next 12 months.

Meanwhile, chemicals (64.7%), transportation (62%), and real estate (58%) were the only UK sectors monitored with 2021 growth expectations behind the global benchmark in December.

Chemicals producers commented on a slowdown in demand after sales to overseas buyers spiked ahead of the agreement of a trade deal with the EU. Transport and real estate businesses anticipated another uncertain year for commercial property rentals and public transport, with many firms indicating employees will continue to work from home for a large proportion of 2021.

We’ve reported that Hackers leaked stolen Pfizer COVID-19 vaccine data.

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