Though the UK economy is now expected to grow, albeit slowly, figures are still showing that progress is still unsteady. The Office for National Statistics has said that although the UK economy grew 0.9% in the third quarter of this year, this is still marginally less than the 1% predicted and growth figures have been revised downwards. This shows that progress cannot be taken for granted.
Output from manufacturing and services sectors grew less than had been previously expected. However, some relatively good news was that the construction sector declined less than predicted – although it still demonstrated a decline, obviously not good news at all.
This all tells us that going forward, progress is likely to be slow and filled with potential set backs. Indeed, the UK services sector, which accounts for the majority of the country’s GDP, grew by only 0.1% in October, showing a weak start to the final quarter of the year. The revised downwards growth figures show that economic growth is going to remain weak in the foreseeable future.
However, given that previous estimates have been revised upwards, predictions and growth figures are not always precise measures and are prone to a degree of erratic behaviour. Whether or not the actual growth will be positive or not remains to be seen in the coming year, however it’s pretty certain that some sectors of the economy will continue to trail long into 2013 and beyond.
With such uncertain growth prospects, it’s all the more important for small businesses to be well informed and in the know about the potential funding options that are out there. In order to get the best solution to your cash flow issues, looking into alternative finance providers such as invoice factoring can make all the difference. With economic confidence wavering, the banks are often unwilling to lend – however, specialist small business lenders could still help. If your business needs a guiding hand through the funding maze, then be sure to look into invoice finance today.