CBI Growth Indicator shows private sector growth at its lowest since 2013

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CBI Growth Indicator
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The latest CBI Growth Indicator shows the balance of private sector firms reporting growth is at -5%, the lowest in six years. Anna Tobin reports

The CBI Growth Indicator is based on the responses of 636 respondents across the distribution, manufacturing and service sectors and it showed the balance of firms reporting growth was -5%, the weakest reading since April 2013. This is the fifth consecutive quarter of flat or falling activity. Private sector activity is also expected to be relatively flat over the three months to June (+2%), with volumes expected to stabilise in services, alongside similar growth in both distribution and manufacturing.

“The weight of evidence coming from across different industries is damning. The chaos at Westminster is having a dire impact here and now on our economy, with private sector activity stuck in a slump,” said the CBI’s chief economist Rain Newton-Smith.”Every day counts, or we’ll see this story repeated again and again with investment lost and businesses coming under severe pressure. Politicians across the House must get their act together to find a way forward that will protect jobs and livelihoods.”

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