The UK economy has rebounded into growth territory, according to the latest S&P Global PMI survey findings, which suggests that the country will easily avoid a recession.
As a result, the British Pound surged against the Euro, Dollar, and other currencies, with the UK Composite PMI soaring to 53 in February, exceeding expectations for a reading of 49.
This signifies a significant increase in activity compared to January’s 48.5, where a reading below 50 denotes contraction and above 50 denotes growth.
S&P Global reports that UK private sector firms indicated a solid resurgence in business activity during February, ending a six-month period of declining output.
The Manufacturing PMI also bounced back, registering a solid recovery at 49.2, surpassing expectations for 47.5 and January’s 47. Meanwhile, the Services PMI came in at 53.3, exceeding expectations for 49.2 and January’s 48.7.
The Pound to Euro exchange rate climbed by over 0.5% to 1.1314, while the Pound to Dollar exchange rate rose by two-thirds of a per cent to 1.2073 in the window following the release.
