Suffolk: Chamber survey shows recovery starting to falter
PUBLISHED: 12:14 16 October 2012 | UPDATED: 13:52 19 October 2012
SUFFOLK’S economic recovery has shown signs of faltering after steady progress during the first half this year, according to a new survey.
Suffolk Chamber of Commerce says its third quarterly survey of the year showed little improvement on the stronger performance in both manufacturing and services which its members reported on the previous two surveys.
“This is a disappointing set of results after the progress seen earlier in 2012,” said Suffolk Chamber’s president, Peter Funnell.
“Whilst fluctuations from one quarter to the next are inevitable, the big picture seems to be that the economy remains stagnant with almost barely visible growth overall.
“Manufacturers saw a dip in performance in the domestic markets both in terms of deliveries, and orders. Manufacturers able to export fared better for both deliveries and orders but did see a slight dip but not as severely as experienced nationally.”
The survey was conducted in late August and early September, with the results being analysed by a research team at Suffolk County Council.
“Unfortunately these figures are very much in line with the national picture where growth is estimated at only 0.5%,” added Dr Funnell.
“The challenge now for the Government is to grasp the nettle of supporting the remarkable efforts being made by firms locally and nationally.
“We are pleased to hear about the Government’s plans for a British business bank but we need also to see large scale investment in infrastructure and where appropriate housing to encourage economic growth.”