Size and growth of the UK non-financial business economy as measured by the Annual Business Survey (ABS), and the value of e-commerce and the adoption and use of information and communication technologies (ICTs) by UK businesses.
In December 2022, almost a third (30%) of trading businesses reported turnover was lower compared with November 2022, while 13% reported their turnover was higher; the wholesale and retail trade industry reported the largest percentage of businesses whose turnover was lower, at 46%.
Around one in six (17%) trading businesses reported that they expect their turnover to decrease in February 2023, while 14% expect their turnover to increase.
Of trading businesses, 41% reported an increase in the prices of goods or services bought in December 2022 compared with November 2022, down from 42% reported between October and November 2022.
In 2020, approximate gross value added at basic prices (aGVA) of the UK non-financial business economy was estimated to be £1,194.9 billion; a decrease of £117.9 billion (9.0%) compared with 2019.
The non-financial services sector, which accounted for over half (56.9%) of total aGVA in 2020, decreased by £67.9 billion (9.1%) to £679.7 billion; transport and storage saw the largest decrease in aGVA of £20.6 billion (22.6%) decreasing from £91.3 billion to £70.7 billion.
Total turnover and purchases of the UK non-financial business economy were estimated to be £3,580.9 billion and £2,358.3 billion respectively; a decrease of £515.6 billion (12.6%) and £398.4 billion (14.5%) compared with 2019.
The indicators and analysis presented in this article are based on selected responses over time from the new voluntary fortnightly business survey, which captures businesses responses on how their turnover, workforce, prices, trade and business resilience have been affected in the two week reference period. This data relates to the period 23 March 2020 to 17 May 2020 (Wave 2 to Wave 5).
Annual data on business turnover, approximate gross value added (aGVA), purchases and employment costs, from the Annual Business Survey. Two-digit Standard Industrial Classification 2007 group by region or country.
Annual estimates of the number of foreign-owned businesses, turnover and approximate gross value added (aGVA) in the UK non-financial economy for 2020 and revised estimates for 2019, from the Annual Business Survey (ABS)