Sector accounting for more GDP
Accounting and management consultancy services' share of UK gross domestic product is on the rise.
And continued rapid growth means the sector could soon be matching the chemical and transport equipment industries, according to a study by International Financial Services London.
Growth in accounting and management services firms rose to 1.8% of the country’s GDP in the late 1990s, compared to 1.4% earlier in the decade.
The Big Five, which dominate the global market, account for three-quarters of the $80bn revenue generated by the world’s 50 largest accountancy-related firms and are becoming increasingly prominent. Moreover, worldwide fee income from these areas as a whole now amounts to £100bn.
Links
International Financial Services website