economic growth

Small Businesses contribute to Economy’s Continued Growth

Government Growth Dashboard shows increase in small and mid-sized business turnover and profit in 2014 The government’s Growth Dashboard report has revealed improvements in the economy and employment in 2014, with small and mid-sized businesses accounting for 60% of employment and 47% of total turnover. Private sector employment was up 2.2 million and Gross Domestic Product (GDP) increased by 3% over the year. Furthermore the UK is the top EU country for attracting exports, with business investment growing by 26.1% from 2010 to 2014 and forecasted export growth of 2.4% in 2015. The study, released by the Department of Business, Innovation and Skills (DBIS), included reports by the Federation of Small Business that revealed small firms (less than 50 employees) witnessed a rise in both turno... »

UK Business Hiring Rate Fastest in 16 years

The service sector plays a key role in increase of hiring rate and economic growth Accountancy firm BDO’s latest index for July revealed business hiring intentions have reached a 16 year height, rising from 108.8 in June to 109.6 in July. The optimistic report cited “a gain in the services sub-sector” as playing an influential role in both the increase in the employment forecast and the growth of the economy. The economy-wide output grew by 0.1 on the index to 103.7. BDO’s Optimism Index also displayed a slight increase with expectations for the next six months rising from 104.8 to 105.1. The results suggest that the increase in job creation will continue as businesses expand – providing graduates and job seekers with the best employment market since the recession. However it also highligh... »

CBI Predicts UK Economy Return to Growth in 2012

The UK economy will see growth resume in the second half of 2012, with faster GDP growth during 2013, according to the latest quarterly CBI economic forecast. The CBI now expects GDP growth in 2012 to be 0.6%, down from the 0.9% growth forecast made in February. The figures have been revised as a “direct consequence” of the preliminary ONS figure for quarter one. In the longer term, however, the CBI forecasts GDP growth for 2013 to be 2%. Quarter-on-quarter growth is expected to be flat in the second quarter of 2012 (0%). However, the CBI says there will be an improvement in the second half of the year (0.7%, 0.5%), citing an improving global economy, an expected easing in inflationary pressures, a boost from the Olympics and a bounce back from the second quarter. The CBI also ... »

Economic Growth will Continue Next Year, says BCC

The UK has weathered the worst of the recession and the economy will continue to grow in 2011, the British Chambers of Commerce (BCC) has said. The business group made the comments following the release of the latest figures from the Office for National Statistics (ONS) on economic growth. The research in Gross Domestic Product preliminary estimate 3rd Quarter 2010 found that the UK economy grew by 0.8% in the third quarter of 2010 – double the rate expected – but lower than the 1.2% growth in the second quarter. “The results were better than expected in the third quarter driven by the strong manufacturing sector – particularly in construction,” said BCC spokesman, Steve Hughes. “Manufacturers have responded well to the weakness in the value of sterling and seem to be exp... »

Recession

Recession until end of 2009

The UK recession will be ‘deeper and longer’ than first predicted, according to the Confederation of British Industry (CBI). The CBI has revised its September economic forecast that the economy would grow by 0.3% next year, and has now predicted that it will instead contract by 1.7%. The business group has also forecast that the recession is likely to last until the end of 2009 and that unemployment will reach 2.9 million by 2010. CBI deputy director–general John Cridland said: “What is clear is that the short and shallow recession we had hoped for a matter of months ago is now likely to be deeper and longer lasting,” “Given the speed and force at which the downturn has hit the economy, we have reassessed and downgraded our expectations for UK economic g... »