The bank’s UK Sector Tracker monitors how 14 industries expect to grow in the next 12 months, with a reading above 50 indicating an expected increase in output and a reading below 50 showing an expected decline.

Tourism and recreation – which includes travel agents and tour operators – posted 59.6 in January compared with 47.7 in December, making it the second-fastest growing UK sector behind the metals and mining industry.

Of the 14 sectors monitored last month, 11 reported more buoyant output growth expectations than in December.

According to Lloyds, improved optimism was driven by expectations of weaker inflation over the next 12 months.

The more positive outlook came after the tracker recorded a sixth consecutive month of declining output across the UK economy (48.5 in January vs. 49 in December) – the longest continuous period of contraction since the 2008 financial crisis.

Jeavon Lolay, head of economics and market insight at Lloyds Bank Corporate and Institutional Banking, said: "Hopes that inflation has peaked underpinned a broad-based recovery in business confidence in January.

"For the first time since last July, all 14 sectors monitored by the UK Sector Tracker anticipate positive output growth in the year ahead."