The Q4 survey, which was completed by over 8,000 business across the UK, found that all the major key balances for both the manufacturing and services sectors were stronger than their long-term averages, and most are higher than their 2007 pre-recession levels.
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 2013 and 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.”
The survey has also provided positive news for workers with 100 per cent of respondents in
Cambridgeshire reporting that they expected their workforce to increase or remain constant over the next three months.
John Bridge added: “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. In the lead-up to the general election, the government must make it clear to businesses that it is focussed on investing in maintaining a stable economic environment and not do anything that may compromise current levels of confidence.”
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