THE services sector in Northamptonshire has performed better in recent months, according to the latest Quarterly Economic Survey from Northamptonshire Chamber of Commerce.
More than 50 firms responded to the survey which examined the performance of businesses during the second quarter of 2018.
The services sector reported increases in its domestic sales and export sales, the size of its workforce and its investment in training compared with the first quarter of the year. In total, 58 per cent of service sector firms said they were confident their turnover would improve over the next 12 months – up from 56 per cent in Quarter 1. However, only 30 per cent of firms in the sector expected their workforce to grow in the next quarter – a reduction of 11 per cent.
In contrast, county manufacturers reported reductions in domestic sales, export sales, investment in training and only 47 per cent were confident their turnover would increase in the next 12 months, compared with 63 per cent in the previous quarter. On the plus side more manufacturers increased the size of their workforce during Quarter 2 and the percentage predicting their teams will grow further in Quarter 3 rose by five per cent to 38 per cent.
Chief executive Paul Griffiths said: “The figures from manufacturers have not been as positive as those from the services sector in this quarter. It’s fair to say that manufacturers are probably feeling the brunt of the uncertainty surrounding Brexit.
“Looking ahead, we would hope to see more growth in Northamptonshire following the Bank of England’s Monetary Policy Committee decision in June to keep rates on hold at 0.5 per cent in a bid to support all businesses.”
Northamptonshire Chamber’s Quarterly Economic Survey is part of the largest and most representative survey of its kind in the UK. It provides central and local policymakers with feedback of the performance, concerns and views of businesses across Northamptonshire.
To read the full report visit: www.northants-chamber.co.uk/representation/quarterly-economic-surveys