East: Business Leaders Welcome Economic Growth
25 October 2013, 10:53
Business leaders across Norfolk and Suffolk are welcoming the economy has grown again for the third quarter in a row.
The GDP figure for Q3 (July-Sep) 2013 increased to 0.8% - the third consecutive rise after being at 0.4% and 0.7% for previous quarters.
State of the Region
- East of England has total employment of 2,577,000, with 2,147,879 in private sector employment - making the region one of the highest for private sector employment.
- The East of England also has one of the lowest unemployment rates amongst 16-24 year olds at 17.9% (against a national average of 21%).
- And one of the lowest unemployment rates for 25+ year olds at 4.9% (against a national average of 5.7%)
- 89,700 have entered the Work Programme in the two years from June 2011.
- Since 2010 over 130,000 apprenticeships have started.
- 434 Academy schools have opened since 2010.
John Dugmore, CEO Suffolk Chambers of Commerce, commented:
“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.
“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.
Caroline Williams, Chief Executive, Norfolk Chamber of Commerce, commented:
“Business confidence in Norfolk continues to slowly strengthen. The manufacturing and service sectors have consistently been recording positive results for exports, as well as UK sales and orders. Norfolk Chamber’s level of export documentation also hit an all time high at the end of last month. All of which, corroborate the latest GDP figures.
“Despite the challenges that still remain, both at home and abroad, overall the QES results and the GDP figures support the view that economic recovery in Norfolk is strengthening.”