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Quarterly Economic Bulletin 2nd Qtr 2011

The political and economic unrest witnessed at the start of the year continues to impact on
the global economy. Business surveys suggest that the pace of global growth has slowed, as
the impact of the Japanese earthquake, Eurozone fiscal concerns and rising commodity
prices continue to suppress activity in major economies. Any worldwide slowdown is likely to
impact directly upon UK economic performance and by default Devon’s economy, making
export led recovery challenging. This makes for a difficult balancing act for the UK where
manufacturing is less significant than in competitor economies; imports of consumer goods
are high, but invisible monetary transfers to the UK through the massive financial sector in
the city of London are also very high.