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GDP grows, but freelancing is still the best bet

freelancesupermarket.com newsroom

RSS 27 July 2010
There’s encouraging news for contractors as Q2 saw the economy growing at a faster pace than predicted. GDP had been forecast to grow at 0.6% and yet figures from the ONS show an increase of 1.1%.

The figure was absolutely incredible said one of the economists at IHS Global Insight. As well as being well over expectations, growth was much larger than the Q1 figure of 0.3%.

The ONS says the growth could be attributed to expansion in construction, production and services with the largest contributors being business and financial services. Distribution and hotels and restaurants also contributed to the growth figures, as did government and other services. However communication, storage and transport all declined.

Kevin Green from the REC remarked on the fact that this is the fastest quarterly growth since 2006 and should help boost business confidence and encourage companies to increase recruitment levels.

Private sector demand has been growing over recent months but this needs to accelerate to counter balance the 700,000 public sector jobs that are going to go in the next few years.

Potential entrepreneurs should also be encouraged to start working as freelancers or limited companies claims the REC. Young people especially need to be looking at alternative routes into employment.

Sam Strange, the REC's Business Support Unit director said that effective support structures can enhance entrepreneurship. We need to tap into the innovation and fulfilment that comes along with it and recognise that as new businesses grow, so does the potential for future job creation.

© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.
Image: Sunshine & Smiles by Nanagyei

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