Just over one in 10 accountancy and professional services sector firms (15%) expect to see a full economic recovery in the next two years and only 5% believe it will happen in the next 12 months, according to a QBE survey.

Other views that emerged from QBE's eighth national business sentiment survey - following 400 telephonic interviews in January - show that 59% believe it will be at least 2016 before a full recovery can be expected.

It also found that no growth - or slow growth - are becoming accepted as the 'new normal', with 63% of businesses expecting no change in turnover in the next six months and 28% expecting turnover to increase during 2013.

Part of this 'new normal' means that 65% of accountancy and professional services firms expect their staffing levels to stay the same in the next year, with the stagnation meaning only 21% plan to hire, a fall from 34% in 2012.

And over half of accountancy and professional service firms do not expect their business to grow during 2013 with 63% now expecting their turnover to remain the same compared to 41% in 2012.

However, the number of firms expecting turnover to decline over the next six months has decreased from 16% in 2012 to 10% in 2013. And just 28% of accountancy and professional services businesses expect turnover to increase in the next six months, down from 44% in 2012.

Elliot Miller, general manager, UK national, QBE European operations, said: 'Almost all accountancy and professional services firms expect it to be a long haul before the economy fully recovers. While the hope of a quick recovery has certainly petered out over the time QBE has been conducting this research, it is encouraging to now see a level of stability from businesses in this sector.

'Most of their cost-cutting measures have already been implemented, leaving management to focus on growing turnover. While the prospects for the economy may look weak, accountancy and professional services firms remain resilient.'