Photo taken on Sept. 18, 2019 shows U.S. dollar banknotes in Washington D.C., the United States. U.S. Federal Reserve on Wednesday lowered interest rates by 25 basis points amid growing risks and uncertainties stemming from trade tensions and a global economic slowdown, following a rate cut in July that was its first in more a decade. (Xinhua/Liu Jie)
Photo taken on Sept. 18, 2019 shows U.S. dollar banknotes in Washington D.C., the United States. U.S. Federal Reserve on Wednesday lowered interest rates by 25 basis points amid growing risks and uncertainties stemming from trade tensions and a global economic slowdown, following a rate cut in July that was its first in more a decade. (Xinhua/Liu Jie)

Following a strong performance in the fourth quarter of 2019, small and medium-sized enterprises (SMEs) in Britain showed optimistic sentiment for the growth prospect in 2020, said a Barclaycard-YouGov report issued Tuesday.

SMEs performed well in the fourth quarter of 2019, with Barclaycard — a brand for credit cards of Barclays PLC–processing merchant transactions up 5.1 percent year-on-year during this period, said the report.

In partnership with YouGov, a British market research and data analysis company, Barclaycard’s report showed SMEs are upbeat about the year ahead and predict annual revenue to rise by 6.3 percent on average.

Among them, small businesses in construction and real estate have the highest predicted quarterly growth at 6.3 percent, while professional services SMEs are most confident about the year ahead, expecting an annual boost of 9.8 percent.

Meanwhile, 33 percent of SMEs are optimistic about the prospects of the British economy in 2020. The same percentage of SMEs also said that they felt positive about prospects for their sector, with 42 percent saying they are confident, said the report entitled SME Barometer.

“Small and medium businesses are the engine of the UK economy and a vital indicator of economic wellbeing…It’s very encouraging to see that SMEs expect to increase revenue in both the near and longer-term,” said CEO of Barclaycard Payments Rob Cameron. Enditem

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