The UK economy took a little breather in the last quarter of 2014, with economic growth slowing down across many sectors. However there were exceptions which demonstrate that certain areas of the UK economy are driving forward the recovery with others relatively stagnant.
One of the most important surveys in the last few weeks is that of the KPMG/Markit UK report which tracks various economic indicators. It is particularly interesting to monitor the performance of the UK technical sector and compare it with other areas. The UK Technical sector has been of increasing importance to the UK economy for many years and it seems that it growing by the year, the last quarter of 2014 demonstrated the highest performance gap for the last 8 years.
The tech sector continues to outstrip virtually every other sector of the economy, with new business gains, new products and even allowing for slow cost inflation (which can often effect demand for technical products). Many new product launches helped perhaps inflate this difference but it has also resulted in a higher investment spending across the sector.
This is of course important to jobs as well and there is evidence of substantial employment increases to help fuel this growth. Employment in the IT sector is also traditionally fairly well paid and can contribute to other sectors and overall growth of GDP. The outlook remain positive, although perhaps with some slight reservations along with the rest of the economy.
There is no doubt that the IT sector is becoming in increasingly important to the UK economy. There is also evidence that the pattern of employment in the UK is diversifying from the traditional roles. There is much evidence to demonstrate that more and more people are becoming self employed or working across several roles rather than the standard 9-5 one company employment model. It is important to develop these sectors as they typically create highly skilled, adaptable and well paid employees.
One area which has shown a huge increase is that of people who leverage the internet to provide their main source of income. Many thousands of people now do business purely online, with virtual businesses contributing a small but growing contribution to the internet. Digital products and services like this from Ireland are bought and sold all across the world, providing income for thousands.