Norwich Economic Barometer – October 2018

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

Locally

Business activity in the East of England picked up to a 6 month high in August due to a strong order book
UEA has been ranked a top 15 university in The Times and Sunday Times Good University Guide 2019 for 3rd year running
Lotus has unveiled plans for a new multi-million pound expansion which aims to transform its Hethel site into a global destination for fans
During August the average house price grew by 1.2% in Norwich and by 0.2% in England compared to July

Nationally

UK Gross Domestic Product (GDP) grew by 0.7 per cent in the 3 months to August 2018 with all 3 main sectors contributing positively
UK productivity grew in the second quarter this year, though is behind rates achieved before the global financial crisis in 2008
The UK can expect low economic growth for the next 3 years
Estimated average weekly earnings in real terms increased by 0.7% compared with a year earlier