Business confidence in Wales has slumped to its lowest level for almost three years, according to a survey of 68 senior business professionals in Wales.
This is the lowest reading in almost three years and continues a sharp downward trend in the outlook in Wales.
- firms in Wales reduced their employee numbers by 0.8% on average over the year
- gross profits grew by 1.0% over the last 12 months compared to 2.5% growth in the same period the the previous year
- firms in Wales report increasing average total salaries by 1.3% over the year, far below the inflation rate, which stood at 3.6% in January
- 1.2% of all businesses in Wales became insolvent in 2011, a failure rate higher than both the previous year and the UK average
ICAEW/Grant Thornton, who carried out the survey, said it highlighted concerns about the UK economy.