Arab Today, arab today british business survey labels 2014 as year of continued growth
Last Updated : GMT 18:56:10
Arab Today, arab today
Arab Today, arab today

British business survey labels 2014 as year of continued growth

Arab Today, arab today

Arab Today, arab today British business survey labels 2014 as year of continued growth

London - XINHUA

The first major British business survey of 2014 released Tuesday reveals that the growing economic recovery of 2013 is likely to continue into 2014, possibly with greater strength. The British Chamber of Commerce's (BCC) Quarterly Economic Survey suggests that growth will continue and probably strengthen further in the short term. The survey, the first major economic indicator of the year, was taken in the final quarter of 2013, which is expected to be as strong for growth as the rest of 2013. Most Q4 key balances are higher than their pre-recession levels in 2007, and both services export balances, and employment in the sector, are at all time highs for the survey. On the basis of these results, the BCC believes GDP growth in Q4 2013 could be 0.9 percent. The survey, made up of responses from nearly 8,000 businesses, shows improvements in most areas for both the manufacturing and service sectors, and that all key balances are stronger than their long-term historical averages. In the manufacturing sector, five key balances are at all time highs, and exports in the services sector continue to break new ground. Suren Thiru, UK economist with BCC, told Xinhua, "The economy is improving, and the improvement is broad-based." "Business has been fairly confident and resilient over the past few years, remarkable in light of economic headwinds and we are seeing improvements now in the economy as a result of this as confidence improves," he said. Thiru said that the BCC was now forecasting growth of 2.7 percent for 2014 (long-term trend growth is about 2-2.5 percent), which would be the fastest growth for seven years. The source of that growth is the UK consumer and their spending and the boost given by the buoyant housing, Thiru explained. 2015 would see a slight slowdown from this high rate of growth, as consumer spending slows a little with rising household debt. "That is a challenge for UK economy, for businesses and for policymakers," he said. Thiru said it was important to see a rebalancing of the economy towards exports and investment. "Our survey shows there is a huge potential for exports, particularly to new markets, but we need more help from government -- access to finance, and practical support for export business, which is lacking compared with competitor nations like Germany," said Thiru. Success here would make the growth base larger than in the past, and move growth off the shoulders of the consumer. Exports have suffered over the past three years because of the underlying weakness in the eurozone, which is likely to still have an effect in the coming couple of years, said Thiru. If British businesses could find new markets in developing economies, that would provide a new avenue of growth, said Thiru. The BCC survey shows that the service sector has hit record highs for sales and orders, export sales (+36 percent), and export orders (+33 percent). Employment is also rising in the services sector with the sector balance at +29 percent, an all-time high for the survey, which could indicate that the Bank of England(BOE)'s threshold for reviewing a bank rate rise, 7 percent unemployment, could be hit earlier than the central bank forecasts at present. Manufacturing is a small but important sector of the economy, about 7 percent, but contributes greatly to exports and balance of trade and is important within British regions. Thiru said the manufacturing sector was performing well with five key manufacturing balances are at all-time highs -- domestic orders (+35 percent), employment (+33 percent), employment expectations (+31 percent), turnover confidence (+67 percent), and profitability confidence (+51 percent). The construction sector was also performing well, though it was recovering after a serious recession after the financial crisis and still had ground to make up before it approached pre-crisis peak, said Thiru.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today british business survey labels 2014 as year of continued growth Arab Today, arab today british business survey labels 2014 as year of continued growth

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday