Developing markets lift PwC to record sales

by Kevin Reed

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05 Oct 2012

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STRONG PERFORMANCE from developing markets and robust growth in established territoties saw global revenues climb 8% to a record $31.5bn (£19.5bn) at PwC.

Revenues from developing markets now account for 20% of PwC's aggregate global revenues, and are expected to reach 40% by 2017.

While revenues from developed markets were up – US revenues were up by 15%, and UK revenues up by 6% – sales in China increased by 14%, in India by 16%, in Russia by 13%, and in Brazil by 14%.

"We are in the midst of a global economic rebalancing. Economic growth in the developing markets will continue to outpace expansion in the more established economies," said Dennis Nally, PwC International chairman.

"That shift heightens the ongoing need to attract talented, skilled people and make sure they are located where our clients require them."

Despite eurozone concerns, the firm's members saw Western Europe grow 4% and Eastern Europe grow 8%.

Its workforce grew by 7% in 2012, taking the total number of people to more than 180,000 for the first time.

Advisory services grew 17% to $8.7bn, as clients called for help in transforming their businesses.

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