The 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 Lincolnshire economic activity but a further decline in overseas markets.
Running from the 18th May to 8th June, the survey reports that some key indicators, such as domestic sales and recruitment activity are taking positive turns and showing signs of returning to pre-pandemic levels as covid restrictions continue to ease. You can find the national results on the British Chambers of Commerce website here.
Lincolnshire market figures have shown significant improvements this quarter, with both sales and orders finally moving into positive territory for the first time since Q1 2020, with sales shifting from -9 to +19 and orders increasing from -11 to +16.
Despite the positive outlook across most indicators, overseas markets dampen the encouraging position with both sales and orders moving further back into negative territory despite seeing some improvement last quarter.
Overseas sales move from -30 to -47 and orders decline at a similar rate to a balance of -24 to -38, which is further backed up by export documentation figures which have also seen a decline.
However, indicators for recruitment and job opportunities have followed the positive suit with recruitment activity returning to positive territory for the first time since Q1 2020.
Simon Beardsley, Chief Executive at Lincolnshire Chamber of Commerce, said: “The latest results do show that an economic recovery is starting to take shape, but we are still hearing from our members that we are not clear yet and we are still a way off returning to pre-pandemic trading levels, particularly those that rely heavily on trading overseas.
“Whilst these results do paint a positive picture, we don’t want Government to see this as their job done, we still have a long way to go and now is the time for government to work with the wider Chamber Network to rebuild our country into a better place to do business than it has ever been before.”
Cllr Colin Davie, executive councillor for economic development at the county council, said: “It’s clear that we still have a long way to go until our economy has the growth, certainty and security that we want to see, and it’s unsurprising that overseas trade remains a challenge. But we are seeing small steps forward as confidence improves and domestic trade shows really positive signs.”
"The latest results do show that an economic recovery is starting to take shape, but we are still hearing from our members that we are not clear yet."
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