British businesses kept up a solid rate of growth in February as factories poste...
LONDON - British businesses kept up a solid rate of growth in February as factories posted the fastest rise in output for 10 months, despite ripples from China’s coronavirus outbreak affecting supply chains, a business survey showed on Friday.
Britain’s performance bettered the euro zone’s for the second month running, as the PMI suggested the world’s fifth-largest economy looked on track to grow around 0.2% in quarterly terms after it slowed to a crawl late last year. “The recent return to growth signaled by the manufacturing and services PMIs provides a clear indication that the UK economy is no longer flat on its back,” said Tim Moore, associate director at IHS Markit, which compiles the survey.
He cited a record deterioration in the PMI’s gauge of suppliers’ delivery times, meaning manufacturers were forced to wait much longer this month for the arrival of parts.
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