The UK’s technology sector has experienced the highest growth for almost a decade, according to a new survey of 150 businesses.
The report, commissioned by KPMG and Markit Tech Monitor UK, showed that the sector ended 2013 with a PMI index of 61. Levels above 50 on this scale indicate growth.
Figures this high have not been seen since early 2004 and had dropped to a low of 40 after the economic crash of 2008.
Tim Moore, senior economist at Markit, said:
“Our figures highlight that the tech sector has established itself as a key growth engine within the UK economy over the past five years, meaning tech companies will surely play an important role in both boosting UK GDP and bringing down unemployment during the months ahead.”
The report also stated that 44% of UK tech firms intend to hire more staff in 2014, with only 7% expecting layoffs.
Tudor Aw, head of technology at KPMG, said:
“Looking at job creation patterns over the course of the past few years, our survey data highlights that tech companies have been on a sustained staff hiring spree since the global economy started to emerge from recession in late 2009.”