Norwich Economic Barometer – May 2016

Norwich City Council have released their latest economic barometer. The report highlighted:

Nationally

  • UK’s trade deficit is at its biggest since 2008 – mire evidence of the weight of global economic weakness
  • Consumer spending fuelled UK growth in the first 3 months of the year
  • The ONS highlighted that UK industry fell back into recession – as it shrank for the second quarter in a row
  • The number of workers on temporary contracts has risen at its strongest rate in over a year and wages growth remains likely to be stuck in the slow lane.
  • The number of UK properties sold fell by 45% between March and April

Locally

  • The East of England attracted more foreign investment projects last year than since any stage since the recession.  This was helped by increasing overseas interest in Cambridge
  • A new £7m, 595 space car park at Rose Lane has now opened.
  • Kettle Foods, who employs 450 people reported a 5.4% reduction in sales for the year ending 31 July 2015
  • The Chamber’s Quarterly Economic Survey is now underway.  Deadline for responses is 13 June 2016 – complete the survey now
  • Work has begun on the £12m Norwich based aviation academy, which will train the next generation of aircraft engineers.

For full details of the latest economic barometer click here.

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