Business confidence in Wales was at its highest level in two years as firms started the new year with a degree of optimism. Latest figures from the Lloyds Bank's Business Barometer for January 2023 saw Welsh business confidence rise by 16 points to 34%, the highest reading since 2021.
Welsh firms were more upbeat in their own business prospects month-on-month, up 12 points at 43%. Taken alongside their optimism in the economy (up 20 points to 26%) this gave a headline confidence reading of 34%.
Welsh businesses identified their top target areas for growth in the next six months as evolving their offer (42%), investing in their team (39%), and diversifying into new markets (29%). A net balance of 29% of Welsh firms expect to increase staff levels over the next year, up 34 points on last month.
