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p>Research from Barclays has revealed a strong level of SME optimism as Q2 GDP growth is revised to 0.9 per cent...
Rebecca McNeil, Head of Business Lending and Enterprise for Barclays comments on the revision to GDP figures: “There is no doubt that confidence is booming following the latest GDP figures showing growth of 0.9 per cent1 for the second quarter of 2014. Small businesses are benefiting from a robust UK economic recovery, with turnover growth rebuilding momentum and today’s figures demonstrate just how far GDP has surpassed pre-recession levels.
"We’re seeing positive expectations from UK SMEs for future GDP growth, right into 2015 and as the heartbeat of the economy, it is vital that these businesses plan ahead and make the most of the opportunities available to grow in the coming months.”
Research from Barclays2 polled over 500 small and medium enterprises (SMEs) at the start of Q3 2014 on their outlook for GDP growth for the twelve months ahead, and reveals there is further optimism to come. Nearly seven in ten (67 per cent) UK SMEs believe that the UK economy is set for growth over the next year.
In addition to this, just under a quarter (22 per cent) are predicting the economy will stay the same with only 4 per cent bracing themselves for a decline.
Out of the total UK small businesses, large-sized3 SMEs are the most positive in their GDP predictions with eight in ten (80 per cent) forecasting growth over the next twelve months, and mid-sized4 SMEs revealing themselves as the second most confident with seven in ten (70 per cent) expecting growth.
Furthermore, small businesses that were set up before 1990, are the most bullish in their predictions for the outlook of the UK economy over the next 12 months, with nearly three quarters (74 per cent) forecasting growth, resulting in a substantial predicted net growth of 74%.
Research from Barclays has revealed a strong level of SME optimism as Q2 GDP growth is revised to 0.9 per cent.
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