Hot on the heels of a week of upbeat data for the U.K. economy, a new report shows business conditions in the country rose for a sixth consecutive month in July to a high not seen since May 2011.
The BDO report on business prospects, released on Monday and calculated by taking a weighted average of the results of the U.K.’s main publicly available business surveys, shows that the economy is gathering strength across the board.
“These data indicate that the U.K.’s recovery is gathering speed and that the economy is likely to accelerate further in the third quarter of 2013,” the report said.
The manufacturing sub-index rose to 98.3 in July, a significant increase on June’s reading of 95.7.
The services sector, which covers over three quarters of the economy, rose to 96.5 in July, up from 94.7 in June. Both readings are above 95.0, indicating that near-term growth is expected for both these major economic sectors.