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NECC Reaction to Q2 GDP Estimate

 

Commenting on today's estimate that UK GDP fell by 0.7% in Quarter 2 2012, NECC Director of Policy, Ross Smith, said: "The continued fall in GDP was expected given the impact of the extra Jubilee holiday, but the scale of this decline is disappointing.

NECC feels that the fall in GDP was expected but the scale of the decline is dissapointingCommenting on today's estimate that UK GDP fell by 0.7% in Quarter 2 2012, NECC Director of Policy, Ross Smith, said: "The continued fall in GDP was expected given the impact of the extra Jubilee holiday, but the scale of this decline is disappointing.

"Our members continue to report growth, and we have some of the best performing parts of the UK economy in the North East in the shape of our automotive and offshore industries. That's backed up by statistics showing private sector jobs growth in the past year has been higher here than anywhere else. The announcement on Hitachi's investment is further fantastic news.

"But any success is hard-earned by businesses at the moment and, with troubles in the Eurozone continuing, Government needs to take this figures as a stark warning that stronger support is needed amid these tough economic conditions."