The recession for the businesses services sector has passed and the sector now faces 5 years of continued growth according to the latest Business Services Prospects report by the Centre for Economics and Business Research (CEBR), the UK's leading business economic forcaster.

 

Growth will occur at a much slower rate than before the recession, due to the somewhat hamstrung GDP growth and public sector spending cuts. Real value add for the business services sector between 2004-2010, even after taking the effects of the recession into account, was a healthy 6.4%. Meanwhile, growth of only 2.7% is forecast between 2010-2015.

 

The good news however is that the sector is likely to continue to be one of the driving forces behind GDP growth, with IT set to be a stand out business services sub-sector.

 

The IT sector is predicted to grow at a rate of 5.1% per annum, driving employment growth and the creation of an additional 93,000 jobs by 2015. 

 

More information on the contents of the report can be found in this article.