World Cup drove tourism sector growth in December
Will PayneTourism sector output grew last month thanks to the FIFA World Cup, according to the latest Lloyds Bank UK Sector Tracker.
It found the number of UK sectors reporting output growth more than doubled in December 2022, with seven of the 14 industries monitored by the tracker experiencing month-on-month growth compared with November 2022.
A reading above 50.0 on the Tracker indicates expansion, while a reading below 50.0 indicates contraction. One of the sectors seeing growth was the tourism sector, which posted a reading 50.2 last month compared with 44.6 in November.
However, despite the boost – which Lloyds attributed to the World Cup in late November and early December – growth in the tourism sector and others was often "mild".
Jeavon Lolay, head of economics and market insight at Lloyds Bank Corporate and Institutional Banking, said: "While the economy held up better than expected in recent months, the impact of temporary boosts such as the World Cup and first Covid-19 restriction-free Christmas for three years is evident.
"The mixed performance across UK sectors is likely to remain a rolling theme in 2023 as the strains from rising prices and higher interest rates impact both households and firms disproportionately."
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