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SME Growth Tracker: New business, recruitment continue to grow

Activity at small and medium-sized businesses fell marginally in September, while new work and employment numbers continued to grow, the latest NatWest SME Growth Tracker has found. 

The NatWest UK SME Business Activity Index

The NatWest UK SME Business Activity Index – which measures month-on-month changes in business activity among SMEs - scored 49.3 in September, down from 50.3 in August.

The latest reading was the lowest since October 2023 and signalled a marginal drop in SME output levels. This contrasted with strong business optimism across the UK private sector as a whole in September (index at 53.0). A reading of over 50.0 indicates growth, while a reading under 50.0 suggests contraction.

 

Overall, the report shows:

  • Business activity among small and medium-sized businesses fell marginally in September
  • Employment and new business continued to rise
  • Inflationary pressures softened in comparison to first half of 2024
  • SMEs remain upbeat about growth in the year ahead
NatWest UK SME Growth Tracker

SME Growth Tracker (PDF, 1.4MB)

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