The UK Accommodation and Food Services sector has shown significant volatility from 2013 to 2023, with output measured in Billion Euros. The sector witnessed strong growth between 2013 and 2015. After peaking in 2015, there were declines in 2016 and 2017, followed by modest growth until 2019. The sector was heavily impacted by the COVID-19 pandemic in 2020, leading to a sharp decline. Recovery began in 2021, continuing with positive growth through 2023, reaching €126.08 billion. From 2020 to 2023, the average annual growth rate (CAGR) was 1.64%.
Looking forward from 2024 to 2028, the forecast indicates a steady increase in output, with an estimated CAGR of 1.14%. Future trends to watch for include the impacts of inflation, changes in consumer spending behavior, technological advancements, and potential new health regulations affecting the sector.
