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East Midlands Chamber News

DNCC Releases Full Economic Survey Results

DNCC has today published the full report which details the findings of its latest Quarterly Economic Survey (QES) for the second quarter of 2013.

It can be viewed online by clicking here.

As reported in July, when a summary of the results was released, the survey found that strong UK sales and easing cash flows enabled local businesses to record their strongest performance in two-and-a-half years in Q2. It found that businesses are also reporting increasing confidence as they look ahead to the rest of the year, whilst their short-term order books – particularly from the domestic markets – are also filling up.

The Chamber uses the survey to track business performance across a range of economic indicators to produce a quarterly “State of the Economy Index”:

In the first quarter of the year, the index dipped by 53 points, but it bounced back in the second quarter, from 141 points to 215 points, and currently stands at its highest level since Q1 2008 (291 points).

The full report includes data on all the economic indicators in the regular survey, plus additional questions on:

  • the potential business and economic impacts of the forthcoming influx of EU migrants from Romania and Bulgaria
  • business perceptions about the success of Government lending schemes such as Funding for Lending
  • smarting working practices
  • red tape and regulation
  • the UK's membership of the EU

DNCC Chief Executive George Cowcher said: "The QES is the region’s largest regular business survey, which provides and accurate benchmark of business and economic
conditions in Derbyshire and Nottinghamshire on a quarterly basis. It also feeds into a national survey by the British Chambers of Commerce, which is the UK’s biggest and
longest-running private business survey and has provided consistent business and economic data since 1989.

"On a national level, the survey is used by organisations such as the Bank of England, HM Treasury, the independent Office for Budget Responsibility, the Organisation for Economic Cooperation and Development (OECD) and the International Monetary Fund (IMF) to help set monetary, fiscal and economic policy.

"Locally, DNCC uses the data to assess the state of the regional economy on a regular basis and also to determine the issues and concerns facing members, which in turn helps the Chamber to develop its own lobbying and campaigning initiatives, as well as influencing its engagements with local authorities, MPs and regulators.

"The QES is a key Chamber document and it is absolutely vital that as many members and other businesses as possible take part, so we can get an accurate picture of the local business climate."