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News - 5 April 2013

No Triple-Dip Recession

The latest figures from the British Chambers of Commerce (BCC) revealed export deliveries and orders from the services sector - which accounts for more than three quarters of UK economic output - rose close to the all-time highs seen in 1994 during the first three months of 2013.

Its survey of more than 7,000 firms also found that business confidence had grown, while firms were looking to invest more in their businesses.

The BCC says it expects the UK economy will record "positive but subdued growth" in 2013.
BCC chief economist David Kern said the results of its survey suggested the economy had continued to grow in the first three months of 2013.

The Office for National Statistics (ONS) said service sector output increased by 0.8% in January on a year earlier and was up 0.3% month-on-month, despite the snow impact at the start of the year. They will give preliminary estimates of GDP growth for the first quarter later this month.

But in contrast, a separate survey suggested the UK's manufacturing sector is continuing to struggle.

The Markit/CIPS manufacturing purchasing managers' index showed manufacturing shrank for a second consecutive month in March. Output fell at its fastest rate since October, with tough market conditions, subdued confidence and bad weather all blamed.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Manufacturing accounts for about a fifth of the UK economy, while services make up more than three-quarters of GDP. Falling demand for UK exports is a particular concern especially in the Eurozone, but the UK manufacturing sector has made some significant gains in non-EU markets.”

If you need any help and advice for your business on financing, cash-flow, management accounts, business development or any other business related matter contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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