Norwich City Council have released their latest economic barometer. The report highlighted:
Nationally
- UK economic growth slowed in the first quarter, as highlighted in the latest Chamber Quarterly Economic Survey
- The Consumer Price Index (CPI) rose by 0.5% in the year to March 2016. Rises in air fares and clothing prices were the main contributors to the increase.
- Retail sales volumes dropped 1.3%. However the ONS reported that volumes were 2.7% higher than the same period a year ago. This represents the 35th consecutive month of annual growth.
- Almost 770,000 new cars were registered in the first 3 months of 2016. The most popular cars were Ford Fiesta, Vauxhall Corsa and the Ford Focus
Locally
- Demand on East of England commercial property from overseas has slowed , as international investment has ground to a halt ahead of the EU Referendum
- Spending on tourism in our region has continued to rise. Tourism is worth £2.9 billion in Norfolk.
- Norwich International Airport will launch a new route to Rhodes next summer.
- Persimmon Homes are relocating their head office to Broadland Business Park, Norwich
- Norse Group became the first company in Norfolk to gain the Investment in Young People Accreditation (IiYP). Norse currently employ 88 apprentices.
For full details of the latest economic barometer click here.
