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Norwich Economic Barometer – May 2020

Written by Paul Vincent on .

Norwich City Council have released their latest economic barometer. The report highlighted:

Locally

  • Norwich food processing equipment manufacturer Fabcon Food Systems has won a six-figure contract to supply and install bespoke machinery for a seasoning and distribution line in Belgium.
  • An online platform to help engineering and manufacturing companies in Norfolk and Suffolk share employees by enabling them to move to another business during quieter periods is being set up.
  • The East of England benefitted from an 11% rise in the number of foreign direct investment (FDI) projects year on year.  The FDIs created nearly 3,000 jobs across the East.

Nationally

  • UK construction companies indicated a sustained downturn in business activity during May.  Furloughed workers across their supply chains contributed to reduced activity
  • More than a quarter of the UK workforce is now being supported by the government’s furlough scheme and the cost so far has reached £19.6bn
  • Total UK sales fell by 5.9 per cent compared with the previous year, dragged down by temporary shop closures

For full details of the latest economic barometer click here.