Economics, Indexes, and why you should complete the Quarterly Economic Survey

Date: 02/09/2021
Author: Harriet Jackson
Company: Greater Manchester Chamber of Commerce

Harriet Jackson, Account Executive at Greater Manchester Chamber, explains why businesses should take part in the Quarterly Economic Survey. 

There’s a certain buzz in Greater Manchester since covid restrictions lifted in July (please excuse the pun). People are returning to the cities and town centres for work and leisure purposes, and businesses across sectors are demonstrating a strong rebound after the economic shock of the pandemic.

The last Quarterly Economic Survey (QES) run by Greater Manchester Chamber of Commerce found that all sector groups (construction, manufacturing, and services) have reported an increase in domestic sales, with construction rising further. Similar growth was seen through higher consumer spending, advanced orders, and international trade activity.

It would seem there’s lots to be positive about as we navigate our way out of the pandemic. There’s an optimistic growth in economic conditions for businesses in Greater Manchester, especially as trade increased in hospitality and leisure sectors once restrictions had lifted.

The Greater Manchester Index™ reported an increase of 24 points to 30.4. This composite economic index was based on select measures to highlight early turning points and fluctuations in economic activity.

But what next?

From feedback and conversations with GMCC Members, it is clear Brexit and international trade related issues are still a headache for businesses. Recruitment has increased across group sectors, but so have challenges with labour shortages and skills gaps.

Since 1989, Greater Manchester Chamber of Commerce has run the QES producing one of the most reliable business confidence indicators in the UK. The results inform local and national government, HM Treasury, and the Bank of England's Monetary Policy Committee.

By completing the QES you help formulate a clear picture of Greater Manchester’s economic climate and emerging trends. This allows you and your businesses to plan ahead, make strategic decisions, and cultivate innovation.

Be part of the conversation - https://www.surveymonkey.co.uk/r/QESQ321

(All completed surveys will be entered into our prize draw).