Growth slows in Q3, says chamber survey
The pace of Derbyshire and Nottinghamshire's economic growth continued to slow in the third quarter of the year, according to the results of a new survey.
The Derbyshire and Nottinghamshire Chamber of Commerce’s latest quarterly economic survey said that there was only a small growth in the local economy during the third quarter of the year.
UK sales dropped across the board, with Nottinghamshire firms and the manufacturing sector being the hardest hit.
Export sales and orders also fell in the same county and sector, but were offset by increased sales and orders in Derbyshire and the service sector.
Manufacturing export sales and orders fell by 9 per cent and 10 per cent respectively. This was offset by increases in service sector businesses exporting as a response to declining home sales.
George Cowcher, chief excutive of the Derbyshire and Nottinghamshire Chamber of Commerce, said: "Once again, the slowdown in economic activity in Derbyshire and Nottinghamshire is disappointing, although perhaps not unexpected, given the national economic situation, the continued uncertainty in the global markets and the ongoing crisis in the Eurozone.
"The pace of UK growth has been slow for a number of months now, but businesses have remained optimistic about their future prospects. However, we are also seeing business confidence starting to wane a little. That is a concern and needs addressing with utmost urgency."
