ONS: Economy lifted

UK GDP grew by 0.6 per cent in the three months to July, helped largely by strong output from services.

The UK economy grew by 0.3 per cent in July, and by 0.6 per cent over the three months to July, the fastest pace in almost a year. Gross Domestic Product (GDP) growth is at its highest point since August last year, when it was also 0.6 per cent.

According to the Office for National Statistics (ONS), while production slipped, a strong offering from construction helped growth. Events such as the World Cup and the recent heatwave also helped to bolster retail sales.

A spokesperson for the ONS, Rob Kent-Smith, comments: “The dominant service sector again led economic growth in the month of July with engineers, accountants and lawyers all enjoying a busy period, backed up by growth in construction, which hit another record high level.”

Productivity leads to profitability, which in turn leads to business growth. But in order to improve productivity and profitability, business leaders must think and to do things a little differently to stand out from the competition and enhance their bottom lines.

Here, we provide some tips on how UK SMEs can improve productivity.

For information about how we can help you and your SME business achieve your goals and ambitions, contact Steve Govey or your usual Beavis Morgan Partner.