Quarterly Economic Survey - Q1 2013

The QES is the largest survey of its kind in the region and, by working with other Chambers, the country. The results are used by the Government to help formulate economic policy and by the Bank of England's Monetary Policy Committee, which sets interest rates.

All Chamber members are invited to complete the survey every quarter.

Download the report: Click here to download the full report.

Press release: Click here to view our press release.

Q1 2013 - Key QES results from Hull & Humber Chamber of Commerce

From Hull & Humber Chamber of Commerce

Sales and orders:

• 39% of companies reported an increase in domestic sales, down 3% on Q4 2012. 33% reported a decrease, up 11%.
• 38% increased their domestic orders, down 3% on Q4. 23% reported a decrease, up 2%.
• 65% increased their export sales, down 6%. 10% reported a decrease, equal to Q4.
• 69% increased their export orders, up 4% on Q4. 10% reported a decrease, down 2%.

For the next 3 months:

• 26% of companies expect to increase their workforce, up 11%. 16% expect to decrease it, up 7%.
• 30% of companies expect to increase their prices, up 6%. 11% expect to decrease them, up 2%.

In the last 3 months:

• The proportion of businesses which recruited was 54%, an increase of 3% on Q4.
• 20% reported an increase in cashflow, the same as in Q4, and 40% a decrease, up 2%.
• 20% increased their investment plans for plant & machinery (up 3%). 19% increased their investment plans for training (down 2%).

For the next 12 months:

• 51% expect to increase their turnover, the same as in Q4 last year; 20% expect it to decrease, up 2%.
• 48% expect their profitability to improve, up 3%; those who expect it to worsen fell 3% to 30%.

Pressures:

• The cost of overheads remained the top pressure on prices (44%), followed by the cost of raw materials (39%).
• Inflation (44%), competition (37%), business rates (29%) and tax (42%) top businesses’ list of external concerns.