In the first quarter of 2017, the national picture showed solid growth, however the local view was not as optimistic. The impact of economic uncertainty was starting show and the rise in inflation seen since last year’s EU referendum was identified as an increasing pressure facing Norfolk businesses.
Both the manufacturing and service sector reported falling domestic and export sales and reduced employment. But how have Norfolk businesses fared in the second quarter?
Has your company increased its sales and orders, either at home or overseas? Are you looking to recruit more staff, or invest in plant and machinery?
It is more important than ever that as many Norfolk businesses as possible complete the survey, so have your say now. Today (Monday 22 May 2017) is the first day of the fieldwork period for the Q2 Quarterly Economic Survey (QES).
The QES is the largest independent business survey in the UK and is used by both the Bank of England and the Chancellor of the Exchequer to plan the future of the UK economy. It is also closely watched by the International Monetary Fund.
You can have your say by completing the QES online NOW, which takes less than 3 minutes. The completion deadline for this survey is midnight on Monday 12 June 2017.
Some key Norfolk findings in the Q1 2017 survey:
- Both sectors reported falling domestic sales (Manufacturing 24% to 9% and Service 24% to 14%)
- Export sales fell in both sectors (Manufacturing 18% to 17% and Services 11% to 6%)
- Reduced employment in the last 3 months was reported by both sectors (Manufacturing 34% to 5% and Service 19% to 12%)
- The number of Norfolk manufacturers intending to increase prices remained static
- In the services sector, the balance of firms expecting prices to rise increased from +32% to +39%
- Both sectors highlighted an increase recruitment difficulties and reduced recruitment intentions
