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Quarterly Business Survey – March 2023
Most businesses continued to report facing constraints on output in Q1 of 2023. Labour shortages eased only slightly, despite the strong rebound in migration, with some 87% of firms reporting availability of labour as a constraint on output (down from a peak of 91% in 2022). There was somewhat more improvement on inputs as supply chains improved, with 43% of firms reporting materials as a constraint (down from a peak of 53%). Capacity utilisation also rose in Q1 to 85.5% and business conditions remained elevated, in line with the Monthly survey, though confidence fell. Importantly, cost and price growth measures ... (full story)