Norwich Economic Barometer – May 2016
26/05/2016 - 14:30
Norwich City Council have released their latest economic barometer. The report highlighted:
- 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
- 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.