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Home » Business News

Staffordshire Quarterly Economic Survey: economic growth softened further in Q1 2016…

Submitted by on April 29, 2016 – 7:10 am |

Jane Gratton, Deputy Chief Executive of Staffordshire Chambers of CommerceGrowth in Staffordshire’s economy continues to soften, according to the latest local economic survey by Staffordshire Chambers of Commerce. This corresponds with the national picture, with many key survey indicators either static or decreasing.

The findings are based on 140 responses to Staffordshire Chambers’ quarter one economic survey.

Around two in five firms saw an increase in domestic sales and orders and 44% of exporters also reported an improvement.  However, both of these results are down slightly on quarter one.

Firms remain optimistic, reporting increased confidence in future turnover and profitability and more firms will be raising levels of investment in plant and machinery in the year ahead.

However, job creation has slowed with a 12 percent point fall in the number of firms taking on staff during the quarter.

Jane Gratton, Deputy Chief Executive at Staffordshire Chambers of Commerce, said: “Our latest survey shows a generally positive picture for the Stoke-on-Trent and Staffordshire although there are signs that things ae beginning to slow down.  Further action is likely to be needed to support business confidence, encourage trade and underpin investment in the months ahead.”

The quarterly economic survey is a national survey which provides an overview of how the local economy is faring, enabling comparisons to be made with other parts of the UK. It also helps Staffordshire Chambers to assess the impact national policy changes may be having locally.

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