Leader survey shows boost to GM economy
THE outlook for Greater Manchester’s economy has improved – but only marginally – according to a survey.
This quarter’s economic survey carried out by Greater Manchester Chamber of Commerce is the first ever to coincide with a general election campaign and showed a marginal improvement in Q4.
Subrahmaniam Krishnan-Harihara, head of research said: “This quarter’s fieldwork was held mostly in November and the general election was announced immediately after the survey opened.
“The results give a starting point and very clear steer for the new government and where it should start to focus its attention in making up for lost time over the last three years of hesitancy and uncertainty.
“Understandably, political developments would certainly have had some influence in how business leaders responded to the survey.
“The GM Index, which combines seven key indicators taken from the QES, is now at 13.1. This is a slight improvement from Q3, when the GM Index was at 12.1, which was the lowest level since Q3 2012.
“It could be argued that the improvement from 12.1 to 13.1 is marginal – even within the margin of error – but there has been an improvement in some QES measures.”
This quarter’s results show stability after several quarters of volatility.
The GM Index was at very high levels in 2018, dropped sharply in Q1 2019 (19.6), bounced back and then went down again. It has now stabilised.
On quarterly UK sales, manufacturing and services have both flatlined while construction has improved relative to the previous quarter.
This quarter’s QES was sponsored by Avoira. A full QES report will soon be available.
Stephen McIntyre, chief marketing officer at Avoira, added:
“Regardless of political views, the results of the general election offer a degree of certainty.
“Businesses like certainty and I am hopeful that Q1 2020 will be a lot more positive and we can make progress to expand business activity.”
Greater Manchester’s economy has improved