Economic survey suggests Cambridgeshire business is booming
A survey has revealed 96 per cent of Cambridgeshire businesses experienced increased or static sales in the past three months.
The results of the latest British Chambers of Commerce Quarterly Economic Survey provide the strongest indicator yet business confidence has returned.
The survey has also provided positive news for workers, with all participating Cambridgeshire businesses saying they expected their workforce to increase or remain constant over the next three months.
Economists at the British Chambers of Commerce (BCC) believe that, on the basis of these results, GDP growth in Q4 could hit 0.9 per cent, and higher full-year growth in 2014 may follow.
John Bridge OBE, chief executive of Cambridgeshire Chambers of Commerce, said: “Our quarterly national survey is the first economic indicator for Q4, providing valuable insight into business performance and expectations for 2014.
“As such it’s an invaluable tool for policy-makers and, as expected, the responses received from participants in Cambridgeshire are even more positive than the national picture.
“This is further evidence that our region is leading the way to economic growth and businesses are continuing to harness opportunities that quite clearly do exist.
“Here in Cambridgeshire, 96 per cent reported that UK sales had increased or remained the same during Q4, with 100 per cent experiencing increased or stable export sales.
“This shows that businesses are right to invest in exploring overseas markets and that, with the support of organisations like the Chamber and UKTI, it is proving to be a successful growth strategy for many of our companies.”
“Most importantly confidence is high, with 100 per cent of businesses reporting that they expect turnover to improve during the next 12 months and 97 per cent expecting profitability to improve or remain the same.
“These positive expectations are crucial, as they provide companies with the confidence they need to invest in new concepts and markets and create new jobs.”