Wales reports growth in private business turnover and tourism

A new report from Grant Thornton UK reveals that the 100 largest private businesses in Wales saw turnover growth across every sector. These companies generate £14.8 billion in turnover and employ 74,132 people. The construction and real estate sector led in earnings growth at 49.2%, while the technology, media, and telecommunications sector saw earnings jump 184.1%. Despite overall growth, earnings fell in the manufacturing and industrial and private healthcare sectors.

In the tourism sector, the Wales Tourism Business Barometer indicates a stronger summer season. Approximately 34% of tourism businesses reported an increase in visitors compared to last year, with many citing warm, sunny weather as a primary driver. International visitation also strengthened, with 32% of businesses reporting more overseas customers, particularly from Germany and the Netherlands. While business confidence regarding profitability has improved, operators noted that rising costs and household spending pressures remain challenges.