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Tourism sector one of the UK's ‘strongest performing’ industries

Economy
Will Payne
19 April 2023

The UK tourism and recreation sector is among the UK’s strongest industries in terms of output growth, according to recent data from Lloyds Bank.

In March, 12 out of 14 UK sectors monitored by the tracker reported output growth, up from 10 in February

According to the firm’s UK Sector Tracker, the sectors with the strongest growth were software and services and tourism and recreation – which includes travel agencies, tour operators and related services.

Strong activity in the tourism sector follows a recent surge in holiday bookings, despite new orders falling in March, suggesting demand had lost some momentum.

The tracker also found UK businesses increased their prices for goods and services at the slowest pace in almost two years last month, indicating UK inflation was likely to ease further in the coming months.