The pace of the UK’s economic recovery fell behind the global benchmark in January, according to the latest Bank of Scotland UK Recovery Tracker.
The tracker includes indices compiled from responses to IHS Markit’s UK manufacturing, services and construction PMI survey panels, covering more than 1,500 private sector companies.
The output of 11 of the 14 UK sectors monitored by the tracker fell in January, as a third national lockdown came into force.
Consumer-facing services sectors were the most affected by restrictions on trade – including tourism and recreation at 19.3% while transport saw the sharpest decline at 31.5%.
The index is the sum of the percentage burying between 0 and 100 – so an output above 50 means it is rising, while an output below 50 means it is contracting.
Only the food and drink (59.5%), metals and mining (58.2%) and industrial goods (57.8%) sectors recorded rising output in