Business activity among UK SMEs has expanded at a solid rate throughout the first quarter of the year with the NatWest SME PMI Business Activity Index recording 52.6 in March.
NatWest’s index is a key indicator of the health of the UK SME economy. A PMI reading over 50.0 indicates growth or expansion, while a reading under 50.0 suggests contraction.
Key Findings
• Recovery in overall UK SME output supported by renewed manufacturing sector expansion
• Service sector remains the main growth engine
• Spending on more energy efficient business processes is projected to rise at a fast rate among SMEs, with 18% planning to invest in the next year and 41% within five years
• Over half of UK SMEs plan to invest in EV infrastructure or have already done so
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