The GDP figures announced at the end of October showgood news on growth, but Business West say we need to do more to to transform the economy.
Phil Smith Managing Director of Business West said, “We are pleased but not surprised by these figures. The national economy mirrors the optimism shown by Business West members, most recently in our Quarterly Economic Survey.”
“This is the highest quarterly increase we’ve seen in three years, so the economy is clearly moving in the right direction and recent economic data has been positive; we have much to be optimistic about. But we are still behind a number of advanced economies such as the US and Germany that have managed to recover the output lost during the economic downturn. Much more needs to be done to transform our economy from being good to being really great. Businesses are in desperate need of better access to finance, and trade promotion has to be prioritised so that firms who are looking to do business overseas are able to take that first step towards exporting.“
“These figures are broadly as expected, and would have been even stronger if it wasn’t for the sharp fall in gas and electricity. Growth in the main components of the private business sector, particularly manufacturing and construction, is gathering momentum, which is good news. However the economy as a whole is still below its pre-recession level, and only the services sector has caught up with its pre-recession peak. The government and the MPC must continue to make every effort to maintain progress, through bold policies and a continuation of forward guidance on interest rates.”
To read the full GDP report visit the Office of National Statistics website: www.ons.gov.uk