New research reveals that the city of Swansea will marginally outperform Cardiff as the UK emerges from recession in mid-2023. A study from law firm Irwin Mitchell has predicted that Swansea's economy will return to growth at a slightly faster rate than the Welsh capital in the final three months of 2023.
The report, which estimates that the UK entered into a recession in the second half of 2022, expects economic growth to resume in the second half of 2023.
According to the research, Swansea's economy is expected to be half a percentage larger in the final quarter of 2023 compared to the same quarter in 2022. While Cardiff is predicted to come in slightly behind Swansea with year-on-year growth of 0.4%, taking the total size of its economy to £14.6bn.
