Kent’s Quarterly Economic Survey Q4 2024
📊 The Kent Business Landscape in 2024: Key Insights from the QES.
2024 presented a complex economic landscape for businesses in Kent, as highlighted by the Quarterly Economic Survey (QES). The year was marked by challenges, including declining domestic demand, fluctuating export markets, volatile labour conditions, and rising costs, all of which underscored the difficult environment faced by the local business community.
While there were several notable achievements, the QES demonstrates and our members have told us that this year was also marked by significant challenges for business. Across the 4 quarters, the QES shows that the economic environment was dynamic, characterised by high recruitment activity alongside persistent inflation concerns, rising labour and utility costs, and fluctuating market conditions.
Recruitment activity remained robust throughout the year, with a significant portion of businesses actively seeking to recruit even in the later stages of the year. This demonstrates an appetite by businesses in Kent to continue to grow despite the challenging economic environment, however investment in training saw a notable decline over the year.
2024’s challenges included persistent inflationary pressures, with a considerable number of businesses expressing concerns about inflation, rising labour and utility costs added to the financial strain and cashflow and investment in plant and equipment also showed a downward trend. Business confidence deteriorated, with fewer businesses expecting profitability improvement by the end of the year.
The first quarter of 2025 is likely to remain depressed as business confidence wains under these conditions and it will be vital the Government make the right noises in the New Year to bolster optimism.
At the Kent Invicta Chamber of Commerce, we have enjoyed supporting you through 2024, through networking opportunities, our advocacy at regional and national level and our services. We look forward to supporting and working with you throughout 2025 and beyond.
TUDOR PRICE
Chief Executive
Kent Invicta Chamber of Commerce
