28th Jun, 2022

Manufacturing 'thriving' in region despite overall economic outlook drop

A QUARTERLY economic survey by the Coventry and Warwickshire Chamber of Commerce has found manufacturing in the region is thriving.

Despite this, the overall economic outlook for the region is down slightly.

Produced in partnership with Warwickshire County Council’s Economy and Skills team, the survey feeds into the British Chamber of Commerce’s national QES and is used as a barometer for the whole economy.

Business confidence among manufacturers across Coventry and Warwickshire rose to 82.9 – up by 6.9 points from the first quarter of 2016.

A similar survey in the service sector dropping by 3.2 points to 75.6 though.

Dave Ayton-Hill, who heads Warwickshire County Council’s Economy and Skills team, said Brexit and the resulting fall in the pound had impacted on the regional economy.

He said: “The depreciation of the pound appears to be pulling the economy in two directions.

“On the one hand, businesses in the manufacturing sector are seeing strong growth both from overseas markets and on domestic orders.

“However the service sector appears to be feeling the pinch slightly as price inflation is pushing past income growth.”

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “With more than 500 responses to this QES, it’s fair to say it’s a very accurate barometer of our regional economy.

“The results make fascinating reading and it’s great to see that manufacturing is growing in this area and is confident about its ability to grow in the future.

“The likes of Jaguar Land Rover are a big part of that but what we are seeing is many other manufacturers thriving in our area and growing their order books.”

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