Ernst & Young, one of the "Big Five" professional services firms, will announce this week that its revenue growth almost halved this year due to the US economic downturn.

The firm will announce a 7.2 per cent rise in revenues to $9.9 billion (€11 billion) in the year ended June 30th. In the previous year, its revenues increased by 14.1 per cent, following a 13.5 per cent lift the year before that.

Ernst & Young has a greater proportion of its business in the US than many of its rivals. It had probably fared a little worse as the US economy came under strain in the first half of this year, the company said. Of the firm's rivals, Andersen has reported that its revenue growth has improved, rising 10 per cent in the year to August 31st. Ernst & Young is set to say it is pleased with performance, given the economic slowdown.