Professional, scientific and technical services gaining ground
06 Apr 2017
Professional, scientific and technical services on the up
The turnover of professional, scientific and technical services companies experienced healthy growth of 7.3% in 2016 to reach £255.4 billion, with management consultancy and architectural/engineering services the two largest sectors of the market.
Not only did these services experience strong turnover growth, they also grew their share of the UK economy. IRN Research estimate that in 2016, professional, scientific and technical services accounted for 7.7% of the UK economy, compared with 7.5% in 2015. In 2000, they accounted for only 6.3% of the economy.
The star performing sector among professional, scientific and technical (PST) services has been management consultancy which has consistently increased its share of the UK economy and its share of the turnover and output of PST services. In contrast, legal services and accountancy have fared less well.
Currently, there are few signs of a major Brexit effect on these companies, although both legal and accountancy services did find business harder to generate in 2016 compared with 2015.
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