Gross Domestic Product (GDP) has grown for the second month in a row, up 0.1% in February, according to new estimated figures published today by the Office for National Statistics.
East Midlands Chamber Chief Executive Scott Knowles said:
“A second month of GDP growth gives confidence that the economy continues to turn the corner and that the exit door from the ‘technical recession’ declared earlier in the year is even closer. To see 0.1% in growth hot on the heels of 0.3% growth in the previous month is encouraging. There’s resilience in business in the East Midlands and this was echoed in our Quarterly Economic Survey where respondents reported lifts in turnover and profit expectation for 2024 along with strong UK sales and order books.
“While these indicators give some reassurance, the underlying challenges facing businesses in the East Midlands remain. The building blocks that will get the region where it needs to be were outlined in our Manifesto for Growth 2024 that we took to Westminster in March, calling for public sector backing against our business-led four I’s of Infrastructure, International Trade, Innovation and Investment.”
