In 2023, the Wholesale, Retail Trade, Restaurants, and Hotels sectors contributed significantly to the UK's GDP. With forecasts indicating a gradual increase from 13.9% in 2024 to 13.94% in 2028, these sectors are expected to maintain a steady growth trajectory. The year-on-year growth is minimal, yet consistent, showing a slight upward trend. The compound annual growth rate (CAGR) over the next five years suggests modest but stable development.
Future trends to watch for:
- Technological advancements impacting retail and hospitality services.
- Shifts in consumer behavior post-pandemic.
- Brexit implications on trade and hospitality sectors.
- Inflation and economic policies influencing consumer spending power.
