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UK Executive Report summary

March 2022

Period covered: Period covered: February 2022

Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.

GDP

  • UK GDP increased by 00% in Q4 2021, upwardly revised from an initial estimate of 1.0%. GDP is now 00% below Q4 2019’s pre-pandemic levels.

Confidence

  • Consumer confidence nosedived in March, reflecting increased economic uncertainty and rising inflation following Russia’s invasion of Ukraine. GfK’s Consumer Confidence score fell by 00 points to 00, the lowest level since November 2020 at the height of the pandemic.

Inflation

  • CPI inflation jumped 00% YoY in February, up from 00% the previous month – at least a 30 year high.

Labour Market

  • The latest unemployment estimates show a 0.2 percentage point drop on the previous quarter to 00% in the three months to January. Regular pay growth (exc. Bonuses) rose 00% over the same period but fell 00% in real terms (adjusted for inflation.

Retail sales

  • Retail sales rose by 00% YoY in February according to the Retail Economics Retail Sales Index, boosted by comparisons to lockdown last year and the continued lifting of Covid-19 restrictions, while inflation also fuelled headline value growth.

Credit and housing market

  • Households borrowed £00 00 of consumer credit in February, compared to £0.1bn in January, the most borrowed since March 2017.

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Consumer confidence falls back to recession levels amid Ukraine conflict

Source: GfK

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