Growth within the region’s economy continues into Q3 despite tougher trading conditions, says West & North Yorkshire Chamber of Commerce. The Chamber’s latest economic survey results present a two speed economy this quarter.
The service sector continues to grow at pace, reporting increasing headcounts and solid domestic and export sales, although the pace of growth has slowed in parts of our region. The manufacturing sector remains positive despite challenges presented by slowing world trade and ongoing issues around the Chinese economy.
Gerald Jennings, President of Leeds Chamber, said: “Our manufacturing base, with more reliance on global markets, is definitely feeling the impact of international economic challenges. Although export sales improved this quarter following the falls reported in Q2, there is no doubt that the appreciation of sterling has squeezed margins with little opportunity to increase prices against a backdrop of slowing world trade. Despite this, growth is continuing across the sector, albeit at a reduced pace.”
Paula Dillon, a Partner at Bond Dickinson, said: “The results of this survey come at a crucial period for Yorkshire, a time for transition and change, as we embark upon a once-in-a-generation opportunity for the region to take greater control of decision making to improve the prospects for people living, working and studying here.
“As the survey shows we start from a position of relative strength as there are already many good reasons why Yorkshire is a great place to do business”.