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.

Of the 14 sectors monitored by the tracker, 11 registered softer rises in output prices compared to 10 in February. 

Jeavon Lolay, head of economics and market insight at Lloyds Bank Corporate and Institutional Banking, said: "Our report shows a significant downward shift in price trends after a run of elevated, and accelerating, inflation.

"If businesses’ input cost and supply pressures continue to weaken, this should see consumer price inflation slow – as firms increasingly adjust prices based on the demand for their goods and services."