Technology firms in Britain are growing so fast that they are outstripping the nation’s overall growth, a study has revealed.
The importance of technology companies to the UK’s economic growth was highlighted today by a survey which shows that UK tech businesses are set to grow at four times faster the GDP in 2015.
The Barclays’ Fast Growth Tech survey, which questioned owners and CEOs of UK tech firms, found that on average, businesses surveyed predicted that they will grow by 11 percent over the course of the year.
This is over four times faster than the UK’s GDP forecast for 2015 (2.6 percent).
The study also revealed that many of the industry’s top leaders are feeling confident about the chance for growth in the coming years.
Over half (58 percent) are expecting their business to grow by up to 10 percent. Furthermore, 18 percent are expecting between 10 percent and 20 percent, while 9 percent predicted significant growth of over 20 percent.
Respondents were even more positive about the outlook for 2016, with the average firm expecting 15 percent growth on 2015, with 16 percent of firms predicting growth to top 20 percent.
“These remarkable growth predictions reveal the optimism and drive of the UK’s world-leading tech sector,” said Sean Duffy, managing director and head of Barclays’ Technology, Media and Telecoms team, which commissioned the study.
“The fact that many firms are expecting further growth in 2016 shows that this trend isn’t transient and the UK is a real launch pad for innovative tech businesses. Investors are seeing the UK as an international talent magnet and a platform to grow or launch their business for a number of compelling reasons, including the culture, light-touch regulation, supportive Government policies and access to finance.”
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