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East Midlands Chamber News

ONS confirms GDP at 0.3%

George CowcherThe Office for National Statistics has confirmed its previously released figure for gross domestic product (GDP) output, which showed the UK economy grew by 0.3% in the first three months of the year.

The figure means the economy avoided two consecutive quarters of contraction – which is the Government’s official definition of recession.

When the estimate was released at the end of April George Cowcher, Chief Executive of the Derbyshire and Nottinghamshire Chamber of Commerce, said: “Although it’s only a preliminary estimate and subject to future revision, the fact the economy showed growth of 0.3% in Q1 is encouraging and should go some way to boosting both consumer and business confidence.

“We know trading conditions remain tough for some businesses, but we also know many businesses are reporting increasing sales and growing order books and the overall sentiment from local business is that the economy is heading in the right direction.

“However, the pace of economic growth is still too slow, which reinforces the need for further measures to boost growth, promote private sector investment, cut red tape and remove the barriers many growing business still face when trying to access the finance they need to create jobs and expand.”