Rising costs and a drop in orders have seen the North East cement its place as the weakest economy in the UK, according to a new business survey.
The latest data from the NatWest North East Business Activity Index highlights a loss of momentum in the region’s economy, falling from a score of 51.9 in February to 50.0 in March, the point at which the economy is staying exactly the same size and not growing.
The index, which measures the combined output of the region’s manufacturing and service sectors, has now pegged the North East as being the weakest performing region in the UK for eight months in a row. Respondents to the survey cited rising prices, increasing supply-chain disruptions and the Russian invasion of Ukraine as curbs on business activity.
