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GDP Estimates Provide Welcome Boost for Business

 

The region's largest business membership organisation today welcomed preliminary GDP estimates for the UK in Q2 of 2013 indicating the economy grew by 0.6%.

Members of the North East Shadow MPC described a sense of “cautious optimism” when they met todayThe region's largest business membership organisation today welcomed preliminary GDP estimates for the UK in Q2 of 2013 indicating the economy grew by 0.6%.
This includes growth in the service sector of 0.6%, in the production industries of 0.6%, and in the construction sector of 0.9%.

Reacting to the news, North East Chamber of Commerce, Chief Executive, James Ramsbotham, said: "It is encouraging to see growth accelerating and today's estimates will provide a welcome boost to business optimism across the UK.

"Today's GDP estimates very much mirror the findings of NECC's Quarterly Economic Survey for the same period, which demonstrates that businesses are investing more, recruiting more and have more sales and orders than at any time since the beginning of the recession.

"The North East has seen slow but steady growth across the private sector for the past 12 months. This is not yet the level of growth we would hope for and there remain major issues to be addressed, such as skills, but it reflects our view that business performance in the North East is now at its strongest level since 2008."