According to the region’s largest business organisation, local firms remain optimistic despite the latest data from the Office for National Statistics (ONS) released today, revealed the economy is slowing.
Gross Domestic Product (GDP) is estimated to have increased by 0.5% in Q3 (July to Sept) compared with growth of 0.7% in the last quarter. GDP was 2.3% higher this quarter compared to this time last year.
Commenting on the GDP figures for Q3 2015, Ian Larrard, Director of the Swindon and Wiltshire Initiative, part of Business West, said:
“This slowdown in economic growth comes as no surprise given the global uncertainty we saw in the last three months, and our survey work during the same period reported a similar loss of momentum in the Swindon and Wiltshire.
“This shouldn’t be taken as bad news. Growth may have slowed this quarter but we are still in a better position now compared to three months ago and this time last year. If you also factor in that South West unemployment is the lowest in the country and that business confidence stands at a sturdy 66%, then the picture looks a little brighter.
“Nonetheless, this slowdown turns heads towards the Spending Review and the Autumn Statement for government action to tackle deep-rooted issues that are still holding us back.”
Pictured above: Ian Larrard, Director of the Swindon and Wiltshire Initiative, part of Business West