UK accountancy and law firms' optimism about business conditions rose significantly in the last quarter, a survey by the employers' organization (CBI) has found.
CBI's quarterly service sector survey reviewed 97 business and professional services firms and found that optimism about business conditions rose by 36% in Q2, reaching its fastest rate since the survey began in the late nineties.
The increase in optimism could be explained by the UK's economic recovery, as the latest figures by the Office for National Statistics revealed UK's GDP grew by 0.7% in the second quarter of 2013.
CBI's survey found out that in the same period, accountancy and legal firm have seen their business volumes grew on an average of 20%, which is the fastest growth rate since November 2007. A further growth of 26% is expected in the next three months.
As a consequence, firms witnessed their highest profitability rise, up 9%, since February 2008, and estimates revealed that it is expected to grow further in the next three months (15%).
According to CBI's survey, employment has also been on the rise in Q2 as it went up by 22%, and it is expected to rise by 36% in the next quarter.
"We've seen a further build-up of momentum in the service sector this quarter, with business and professional services firms in particular seeing a turnaround in their fortunes," CBI director of economics Stephen Gifford said.
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