There is only 1 week left to have your say on the local economy. As part of the Chamber’s Quarterly Economic Survey, we would like to hear from you how you think the economy is doing. Are you finding the current economic conditions challenging; are you recruiting; or are your sales and orders growing?
With the second quarter of 2018 behind us, and amid growing international uncertainty, from escalating trade disputes to oil price rises, the UK economy continued to grow at a sluggish rate. Brexit is a key factor – but long-standing structural issues also continue to hold companies’ growth back.
The more feedback we get from local businesses, the louder Norfolk business voice is to the government, so it’s more important than ever that as many Norfolk businesses as possible complete the survey.
Take part in the Q3 Quarterly Economic Survey (QES). It 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 It takes less than 3 minutes. The completion deadline for this survey is midnight on Monday 17 September 2018. The Q3 results will be published week commencing 08 October 2018
Key Norfolk findings from the previous Q2 2018 survey:
Norfolk Manufacturing sector:
- The balance of firms reporting increased domestic sales rose from +16 to +35, while the balance reporting improved domestic orders also rose, from +23 to +35
- The balance of firms reporting increased export sales rose from +31 to +44. The balance reporting improved export orders also rose, from +26 to +31
- The percentage of firms looking to recruit remained steady at +30 while the number of those struggling to recruit rose significantly from +67 t0 +82
- 67% of firms in the sector expect the cost of their raw materials to rise in the next three months
- Confidence that profitability will improve over the next twelve months dipped from +35 to +30
Norfolk Services sector:
- The balance of firms reporting increased domestic sales rose from +19 to +34, while the balance reporting improved domestic orders rose considerably from +13 to +28
- The balance of firms reporting increased export sales also rose, from +8 to +35. The balance reporting improved export orders also rose substantially, to +22 from +6
- The percentage of firms looking to recruit rose from14% to 37%, but the number of those struggling to recruit also rose to 82% (from 63%)
- Confidence that profitability will improve over the next twelve months increased from +15 to +36
