Business conditions remained weak in third quarter of 2020
A survey carried out by the British Chambers of Commerce (BCC) has found that, despite the UK economy reopening, business conditions ‘remained weak’ in the third quarter of 2020.
Almost half of UK firms reported a decrease in domestic sales, whilst just 27% reported an increase in domestic sales.
47% of businesses reported a decrease in export sales, and 24% reported an increase in export sales. Emphasising the weak business conditions that COVID-19 has brought upon the economy.
The balance of firms in the services sector reporting increased domestic sales rose to -25% in the third quarter of 2020, up from -64% in the second quarter. Meanwhile, in the manufacturing sector, the balance of firms reporting increased domestic sales rose to -15% in the third quarter of 2020, up from -59% in the second quarter.
‘Our latest survey indicates that underlying economic conditions remained exceptionally weak in the third quarter,’ said Suren Thiru, Head of Economics at the BCC.
‘While the declines in indicators of activity slowed as the UK economy gradually reopened, they remain well short of pre-pandemic levels, with little sign of a swift ‘V’-shaped recovery.’
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