Going strong in the face of slowdown
THE North-east economy has made a strong start to 2008, despite some strong challenges, according to new data.
The North East Chamber of Commerce’s quarterly economic survey, the North East Business Barometer, showed the region’s economy was still thriving despite fears of a worldwide slowdown.
Export markets continue to grow with respondents reporting rising sales.
Despite the current global economic despondency and a projected UK slowdown the region is still confident about the months ahead.
Manufacturers have continued to make great strides despite weakened growth in the eurozone and US and high commodity prices.
There are some concerns in the manufacturing sector including future employment, future profits and plant investment, but key concerns for business are high energy prices and inflation.
Ross Smith, head of policy and research at NECC, said: “There will be many challenges in the months ahead, but North-east businesses appear ready to deal with this and remain bullish about their prospects.”
