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Chamber Welcomes Positive GDP Figures

Posted on July 28th, 2015

Growth in the national economy returned to its pre-recession level in the second quarter of 2015, according to figures released today by the Office for National Statistics.

They showed that the economy grew by 0.7% in the three months to June, compared with growth of 0.4% in the first quarter of the year. Output in the economy during the second quarter was 2.6% higher than the same period a year earlier, the figures showed.

The UK’s economy has now experienced ten consecutive quarters of growth.

Scott Knowles, Acting Chief Executive of East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire), said: “Today’s GDP figures show a welcome acceleration in growth, driven nationally by another strong performance by the service sector.

“The figures tally with the Chamber’s own Quarterly Economic Survey for Q2, which found that business growth remained robust between March and June following a strong start to the year, and underline the importance of this region as the UK’s ‘Engine for Growth’.

“While, for the country as a whole, the service sector has played a key role in securing growth, on its own it doesn’t address the need for balance nor, indeed, generate confidence for longevity.

“In addition to a strong service sector, growth in the East Midlands has been characterised by thriving manufacturing, engineering and construction sectors which are going from strength-to-strength – in marked contrast to the national picture – along with a transport and logistics sector that is helping to facilitate the movement of all the goods and people that this growth is generating.

“The UK is on course to grow at 2.6% this year and we need to maintain this economic momentum. Now is not the time for complacency.

“We still need to see the Government deliver business policy which makes a real and meaningful difference on the ground, particularly around infrastructure investment and measures to boost exports and productivity, while the Bank of England must be mindful of adjusting interest rates too early and choking off the progress the economy has made.”