IQ-Magazine-Issue-7

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<strong>IQ</strong> showcase issue 7 | page 26
<strong>IQ</strong> showcase IMPROVED PERFORMANCE HOME AND ABROAD Suffolk economy sees a rise in performance Following the publication of the latest business data, improvements to the domestic economy as well as increases in exports are ‘cause for optimism’ in Suffolk, according to one business group leader. The Suffolk Chamber of Commerce third Quarterly Economic Survey has shown that domestic market performance is strengthening, whilst at the same time the county’s exporters continue to report improved sales and short term prospects for trade. “Our improved domestic market performance combined with our continuing export strengths, supported by the Chamber’s ‘Exporting is Good for Suffolk’ campaign, gives us real cause for optimism that the economic recovery in Suffolk is gathering momentum,” said Dr Peter Funnell, the President of Suffolk Chamber of Commerce. “Taking account of our strengths and improvements across these and almost all of the other key indicators in the Survey, including employment and business confidence, there is a real consistency to the local picture that is to be welcomed,” he added. The domestic market performance for Suffolk firms represents a welcome rebound in Quarter 3 after a decline in Quarter 2, which went against the national trend. Manufacturers were similarly upbeat regarding prospects for the coming quarter, with the Suffolk position strongly positive, and, as in Quarter 2, well ahead of the national picture. “To see Suffolk manufacturers’ home deliveries increasing significantly indicates a strong inquarter improvement,” Dr Funnell continued. “The service sector had excellent results too, with strong rises in orders and deliveries orders both locally and nationally.” In the service sector, concerns decreased overall, with only inflation being of concern to more than half of businesses. This matched the results from the manufacturing sector, although the latter also reported a notable rise in worries over exchange rates. Service sector firms are more cautious about employing additional staff, with Suffolk firms showing a small rise in employment and slightly reduced intentions to take on new staff in Quarter 4 of 2013. “Due to their hard work and entrepreneurial spirit, Suffolk businesses are now showing clear signs of growth,” said Suffolk Chamber of Commerce Chief Executive, John Dugmore. “There remain concerns in some areas, such as inflation and cash flow, but the overall picture this month is very encouraging,” he concluded. The survey was conducted in early September 2013, and the results were analysed by a research team at Suffolk County Council. more information www.iqmag.co.uk issue 7 | page 27
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IQ-Magazine-Issue-7

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