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.
Of all responding UK businesses to Wave 6 of the Business Impact of Coronavirus (COVID-19) Survey (BICS), 79% had been trading for more than the last two weeks, 5% had started trading again within the last two weeks after a pause in trading, 5% reported intending to restart within the next two weeks, with the remainder temporarily closed, paused or ceased trading.
Across all sectors, the wholesale and retail trade (17%) and transportation and storage (10%) sectors reported the largest percentage of businesses indicating their turnover had increased compared with what is normally expected for this time of year.
Across all sectors, and amongst those who were continuing to trade, 5% of the workforce had returned from furlough leave in the last two weeks, of which the construction and manufacturing sectors reported the largest proportions returning from furlough, at 14% and 10% respectively.
In 2018, the approximate gross value added at basic prices (aGVA) of the UK non-financial business economy was estimated to be £1,273.5 billion; this was an increase of £51.2 billion (4.2%) compared with 2017.
The estimate of aGVA represents the income (turnover) of UK businesses, less the cost of goods and services consumed in the production process (purchases); all four of the main sectors of the non-financial business economy (production, construction, distribution and non-financial services) continued to show growth in 2018.
The non-financial services sector, which accounted for over half (56.9%) of total aGVA in 2018, increased by £34.0 billion (4.9%); professional, scientific and technical activities contributed the highest level of aGVA within this sector, increasing by £9.6 billion (5.8%) in 2018.
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.