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Service sector sees growth stall
Businesses in the UK's service sector saw fall in sales in the last quarter, according to the Confederation of British Industry's latest Service Sector Survey.
Both professional and consumer service firms saw a drop in volumes and value in the three months to November. The survey revealed that only a net balance of 13% of service firms said profits had increased annually for the quarter.
Respondents to the survey cited the level of demand or sales as the biggest constraint on future growth, with inability to raise funds also a key concern.
"The recent weakness in the service sector is disappointing, particularly as business and professional firms had hoped conditions would strengthen this quarter. This confirms the weakness reflected in third quarter GDP data and underlines the fragility of the economic recovery," said Ian McCafferty, Chief Economic Adviser of the CBI.
Post Date: November 30th, 2009
Both professional and consumer service firms saw a drop in volumes and value in the three months to November. The survey revealed that only a net balance of 13% of service firms said profits had increased annually for the quarter.
Respondents to the survey cited the level of demand or sales as the biggest constraint on future growth, with inability to raise funds also a key concern.
"The recent weakness in the service sector is disappointing, particularly as business and professional firms had hoped conditions would strengthen this quarter. This confirms the weakness reflected in third quarter GDP data and underlines the fragility of the economic recovery," said Ian McCafferty, Chief Economic Adviser of the CBI.
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Post Date: November 30th, 2009
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