Business activity in Wales contracted quicker than the UK average last month as output and new orders fell. However, business confidence reached a six-month high.
The latest PMI data from NatWest Bank saw business activity fall at the start of 2023 as inflation continued to impact demand and customer spending. The Wales Business Activity Index - which measures the month-on-month change in the combined output of the manufacturing and service sectors - registered 47.7 in January, down from 52.0 in December.
Anything below 50 denotes contraction. This contraction was the fastest since last September and quicker than the UK average.
