The latest Confederation of British Industry's (CBI) survey of 715 respondents across the manufacturing, distribution and service sectors shows that private sector growth remained steady at 9 per cent in the three months to November and it is expected to keep up that pace into 2017.
Performance across the sectors was mixed, however, with consumer-facing sectors reporting a rise in growth amid a pick up in the consumer services and retail business, whilst manufacturers saw a slower pace of growth. Growth in business and professional services, meanwhile, was broadly flat for a second month.
"It's encouraging to see that growth in the private sector continues to perk up, and that steady growth is expected as we head into 2017," Rain Newton-Smith, the CBI's chief economist, said in a statement.
"The high street has had a good month, even before we see the impact of Black Friday and Christmas shopping, whilst our manufacturers and services sector are seeing subdued growth."
Annual growth in 2017 is anticipated to be at 1.3 per cent, downgraded from its May forecast of 2 per cent.
In the current economic environment, business owners must capitalise on opportunities and remain competitive by being innovative and listening to and meeting the needs and expectations of their customers.
Our specialist business advisers at Beavis Morgan work closely with SMEs and owner managed businesses across a range of sectors, helping them access new markets and expand their service offerings.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.
