SEEDA’S South East Economy Review Reveals Road To Recovery
31 March 2010The South East of England showed signs of recovery during the final quarter of 2009 according to the South East Economy Review, which was published today by the South East England Development Agency (SEEDA).
Redundancies have fallen significantly and the labour market began to stabilise from the middle of 2009. The rise in unemployment has also slowed down. The manufacturing sector delivered a strong performance and the volume of new business increased at its fastest rate for more than two years.
Paul Lovejoy, Executive Director Strategy at SEEDA, comments: “Future prospects for growth in the South East are promising, although the recovery remains fragile. The South East economy is expected to return to growth in 2010 and business confidence has dramatically improved during the last quarter. However there has been an increase in the number of companies reporting that they would be unlikely to weather any further downturn.”
Additional highlights of the South East Economy Review include:
- Economic and employment growth is projected to be faster in the South East than the UK average over the short to medium term
- Employment is unlikely to start growing again until 2011
- There has been a significant increase in longer-term unemployment amongst people aged 18-24 compared to other age groups
- Men in the South East fared worse than women during the recession with a faster fall in employment and a marked rise in unemployment
Paul adds: “Firms throughout the South East are reporting improvements in the business climate and there are signs of investment picking up amongst regional companies. We’re hoping this trend continues in order to ensure the future success of the South East economy throughout 2010 and beyond.”
The South East Economy Review is conducted by SEEDA’s Research and Economics department. The next review is expected to be published in July 2010.
For more information on SEEDA please visit www.seeda.co.uk.
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