SME activity unaffected by credit crunch
| Date Added: Fri November 2 2007 |
UK SMEs reported continued growth in Q3 2007. The sector seems largely unaffected by the credit crunch, according to the PKF SME Index.
Business activity grew across all sectors in Q3 to 56.1 (marks above 50 indicate expansion and below 50 indicate contraction). This was just less than last quarter’s figure of 57.0. Similarly, new business orders also increased but at a marginally lower rate – this quarter the rise was 56.1 as opposed to 56.3 last quarter.
Northern England and London and the South East saw the sharpest rates of growth of the regions, reaching 57.9 and 57.8 respectively in Q3. The latest rise in activity in Northern England was the most marked for a year.
PKF partner for growing business, Stuart Barnsdall, comments: “UK SMEs gave another strong performance in Q3 and seem largely unaffected by the summer’s economic chaos. Although the growth was less marked than last quarter, growth in Q2 was particularly high and therefore unlikely to be sustained at the same level. However, the fact that growth did slow and input price inflation, while rising, was the least marked for two years, suggests perhaps that the effects of the interest rate rises over the last year are beginning to have an impact.” |
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