Economic news still positive – GDP figures
THE size of the economy continues to grow with official figures showing output increased by 0.8% in the second quarter.
It means gross domestic product is 3.1% higher than a year ago.
The Office for National Statistics said output increased in two of the four main industrial groupings within the economy compared with the first quarter.
Output was up by 1% in services and by 0.4% in production. However, output decreased by 0.5% in construction and by 0.2% in agriculture.
Second quarter GDP was estimated to be 0.2% above the peak in early 2008 before the recession. From peak to trough in 2009, the economy shrank by 7.2%.
Stoke-on-Trent and Staffordshire Enterprise Partnership chairman David Frost said: “We are seeing continued business expansion and inward investment across our area which is being supported by major transport improvements.
“Effective working between business and the public sector has been recognised by the Government as our growth deal demonstrates. Continued expansion at flagship companies like JCB is complemented by the growth of supply chain firms like Zytek Automotive in Lichfield and MGS in Stafford.”
Jonathan Browning, chairman of the Coventry and Warwickshire Enterprise Partnership, said: “We have got very positive soundings from a broad range of sectors that the economic picture has improved and is continuing to improve.
“Our new Clearing House, that helps businesses fast-track their growth, started work in April and it has a rapid rise in enquiries from companies who are taking on new orders and looking to expand and – and that is reflected in these figures.
The data has painted an encouraging picture of the Coventry and Warwickshire economy and while there is never room for complacency, it shows we have momentum and indicates that companies are growing and increasing in confidence.”
