Quarterly Economic Survey Q3 Results

Lincolnshire Chamber of Commerce’s Quarterly Economic Survey – part of the UK’s largest independent business survey and a leading indicator of UK GDP growth – has found increases in UK economic activity but a further decline in overseas markets.

Running from 23^rd August to 13^th September, against a backdrop of reports on driver shortages, supply chain issues and increases to National Insurance, the survey reports a continued improvement on last quarters positivity, with all indicators now in positive territory.

UK market figures have shown significant improvements this quarter, with both sales and orders moving further into positive territory and returning to 2018 levels, with sales shifting from +19 to +38 and orders increasing from +16 to +27.

Overseas sales and orders are both out of negative territory for the first time since Q1 2020, with sales moving quite significantly from -47 to +15 and orders slowly improving from -38 to 0.

The proportion of businesses reporting the are likely to recruit in the next 3 months is at record levels, moving to +39 from +22 last month. We have also seen current recruitment levels hold strong, with strong recruitment intention in Q2 materialising into actual recruitment in Q3.

Cllr Colin Davie, executive councillor for economy at the Lincolnshire County Council, said:

“Against what is still a challenging trading environment, the latest survey results are certainly a step in the right direction. With the furlough scheme now ended, the news that businesses in Lincolnshire are actively recruiting is encouraging and will further support the county’s economic recovery.”

View the full briefing report here.

Join our Local and National Economic Briefing to hear more about the Quarterly Economic Survey Q3 results as well as the national picture from the Bank of England, taking place on 16^th November 2021, 8am – 9.30am, register here.