City region’s economy shows resilience

THE economy of Greater Manchester performed “slightly better than expected” amid a generally gloomy backdrop, according to a key study.

Dr Brian Sloan, chief economist at Greater Manchester Chamber, said businesses in the city region had been resilient in the last three months in the face of the deepening Eurozone crisis.

He warned though, that in this “low growth environment” there is a possibility the economy may slip into a double dip recession.

The chamber – the country’s biggest with more than 5,000 members –  polled 827 businesses for its latest survey.

Dr Sloan said: “Generally we are where we thought we’d be at the start of the year – which is considerably lower than the Office of Budget Responsibility – who have had to downgrade their forecasts during the year.

“Given ail the doom and gloom around, the Eurozone, which has battered confidence, I think Greater Manchester has fared better than expected.”

The survey showed an easing of demand during Q4, which had affected confidence. Investment among members had also fallen, he said.