UK trading businesses see 17% turnover rise in July 2023

When looking ahead to September 2023, 18 per cent of trading businesses expect their turnover to increase, up from the 15 per cent that reported this for August 2023. Meanwhile 55 per cent reported that they expect their turnover to stay the same, the Office of National Statistics (ONS) said in a press release.

The proportion of trading businesses that reported an increase in the prices of goods they bought in July 2023 compared with the previous calendar month was 30 per cent; this percentage has fallen over time and is the lowest figure reported since a peak of 50 per cent in March 2022.

Approximately 1 in 8—12 per cent of—trading businesses reported an increase in the prices of goods sold in July 2023, this is also at its lowest level since peaking in March 2022. Meanwhile 16 per cent of trading businesses expect to raise their prices in September 2023, with 24 per cent reporting energy prices as the reason for their consideration.

Approximately 1 in 11—9 per cent of—businesses experienced difficulties recruiting employees in July 2023, this is broadly stable with June 2023, but has slowly fallen from the 11 per cent reported in March 2023.

More than 1 in 10—11 per cent of—businesses reported an increase in domestic demand for their goods in July 2023 compared with June 2023; this is back in line with May 2023, following a drop that was seen in June 2023 of 3 percentage points.

ALCHEMPro News Desk (NB)