Mixed picture for East Mids businesses, says Chamber
Companies in Derbyshire and Nottinghamshire are still planning for growth – that’s the outcome of the Derbyshire and Nottinghamshire Chamber of Commerce’s latest Quarterly Economic Survey of businesses.
The survey found that although the economy continued to grow in the fourth quarter of 2010, it was at a slower pace than in Q2 and Q3.
The survey, which takes into account the views of more than 350 local businesses, paints a mixed picture of the economy in Derbyshire and Nottinghamshire.
Overall, manufacturers out-performed service sector companies, whilst Derbyshire firms fared better than their Nottinghamshire counterparts.
However, despite the stuttering pace of growth as 2010 drew to a close, firms generally remain positive about the first three months of 2011.
Overall, firms have increased confidence in both future profitability and turnover, whilst 20 per cent of businesses expect to increase their workforces.
UK orders remain at levels well up on where they were during the economic downturn of 2008/09 although did fall back slightly from their two-year high in the previous quarter, whilst export orders have shown a further gradual increase.
George Cowcher, chief executive of Derbyshire and Nottinghamshire Chamber of Commerce, said: “2010 was another tough year for local businesses, but the chamber’s latest Quarterly Economic Survey points to some encouraging signs amongst firms, particularly in manufacturing.
“However, as the figures for the service sector show, there is no room for complacency, especially given that firms have a 2.5 per cent VAT rise to get to grips with and government’s tough package of austerity measures will really start to bite in the months ahead.
“It’s easy to be negative, but we can’t afford to talk our prospects down. We must encourage more new start-ups, more employment, create stronger companies and support exporters, innovators and entrepreneurs.
“Businesses are more than willing to drive the recovery forward, but government must also play its part by removing any obstacles which hamper firms in their efforts to create jobs, invest and export.”
