Dorset Chamber have supplied the results of the Q2 Quarterly Economic Survey (QES) by the British Chambers of Commerce. 7,700 firms across the UK contributed to the survey. The QES is regarded as the UK’s largest independent business survey and an accurate barometer of the performance of the economy. 108 Dorset firms participated in the survey.
National headline findings are:
- 11 of the 14 key service sector QES indicators fall to their lowest level in the survey’s 31-year history.
- The balance of service firms reporting increased domestic sales dropped a record 80 points from Q1 2020 and is now 28 points lower than the worst quarter during the 2008-09 recession.
- The balance of service firms reporting increased export sales dropped a record 55 points (to –55%) and is now 42 points lower than the worst quarter during 2008-09 downturn.
- The balance of service firms confident that turnover will improve over the next year decreased from +38% in Q1 to -36% in Q2.
- The percentage balance of firms reporting increased domestic and export sales is now substantially lower than the worst quarter of the 2008-09 recession.
- In the manufacturing sector, 9 of the 14 key indicators measuring activity in the sector dropped to its lowest level on record.
- The balance of manufacturing firms reporting improved domestic sales was 62 points lower than in Q1. For the export sales balance, it is 55 points lower.
- The balance of manufacturing firms that are confident turnover will improve over the next year decreased from +34% in Q1 to –31% in Q2.
- The Dorset survey results attached mirror the national picture.
You can see the summary infographic report here https://www.britishchambers.org.uk/media/get/QES%20report%20Q2%202020.pdf
Dorset Chamber have issued a press release that can be seen here https://www.dorsetchamber.co.uk/chamber-calls-for-action-after-historic-economic-setback/
DCCI have also issued a brief video on this https://www.linkedin.com/feed/update/urn:li:activity:6684004765271154688/
They are also holding an event with Dorset LEP, with BCP and Dorset Council also attending, on 7th July for Dorset Chambers members to discuss the impact of Covid 19 on our economy and inform policies and support needed for economic growth in Dorset. BCP and Dorset Council will also be attending – you can see more information here https://www.dorsetchamber.co.uk/event/business-leaders-event-covid-19-back-to-business-2040/
The Dorset specific results are in this pdf QES Q2 2020 Results Dorset
These results are obviously concerning and there is no doubt we are facing a very challenging time ahead. We will of course continue to do our best to lobby and provide support both for our members and the local business community.