- Annual growth in the value of retail sales and consumer services had risen slightly over the first six months of the year, but remained modest.
- Activity in the housing market had continued to strengthen.
- Investment intentions continued to be largely aimed at raising efficiency, with very little large-scale capacity expansion under way.
- Manufacturing exports continued to grow at a moderate rate.
- Growth in manufacturing output for the domestic market had increased a little in recent months.
- Modest growth in business services turnover had continued.
- The annual rate of decline in construction output had eased as house building had increased. Output in the sector overall was little changed on a year earlier.
- Corporate credit conditions had continued to improve very gradually, but many companies reported a desire to rely on internal or non-bank funding.
- Employment intentions had edged higher in recent months, but were flat for consumer services.
- Capacity utilisation had remained slightly below normal both in manufacturing and services.
- Labour costs per employee had grown at modest but stable rates over recent months.
- Inflation in materials costs had fallen to low levels and had remained stable for imported finished goods prices.
- The rate of increase in manufacturers’ and business services prices had remained subdued, though profitability had edged higher as output had risen.
- The rate of consumer price inflation had been unchanged.
Published on
17 July 2013
Agents' summary of business conditions - July 2013