By Sally Watson, 12 December 2000 16:45
NEWS According to the Office of National Statistics (ONS), declining corporate profitability in 1999 meant UK companies slipped from the second most profitable in the world to the fifth - behind Finland, Israel, Norway and Singapore. In manufacturing, UK firms struggled, while their US counterparts came out on top, driven by growth in new technology and investment in IT equipment and software. US retailers are also the most profitable in the world. According to the ONS, Germany's competitive economy means it is poised for 'take off' in terms of profitability. Ireland has also enjoyed success over the last year as a result of high investment levels and an available skilled workforce. Over all sectors, Finnish companies were the most profitable in the world with the max of 'new' and 'old' economy countries. For more information, visit http://www.statistics.gov.uk
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