The latest data released by the Office for National Statistics today (25th October) found that in the three months to the end of September 2017:
- UK GDP growth expanded by 0.4 percent
- The year-on-year growth rate is 1.5 per cent, slightly ahead of forecasts
Commenting on the figures, James Durie, Executive Director, Business West, said:
“It is positive news that GDP figures have come in slightly above forecast, but it is by no means a cause for celebration, such figures merely indicate that the UK economy remains locked onto a low growth trajectory.
“While the manufacturing sector was a bright spot in Q3, growth in services was sluggish and the construction sector remains a concern. Today’s announcement tallies broadly with findings from our Q3 local business survey insofar as the economy is doing slightly better than expected. However, we are some way off the levels of growth required to maintain a vibrant national and regional economy.
“The Brexit slowdown continues. However, we must remember that despite all the political noise, businesses trade with other businesses, not governments.
“The Bristol & West of England City Region remains a high-output, high-growth regional economy that bucks the national average due to the talent and ingenuity of local business. There is no doubt that our local and national economy has its challenges and businesses will be waiting with baited breath on announcements from the Bank of England and the Chancellor on interest rates and the budget respectively.
“But opportunities are being created for this city region too. The weak pound helped see an uptick in manufacturing during Q3 and commentators predict that the visitor economy is set for record growth as we inch towards 2018.
“If business and local political leaders, including Mayors Tim Bowles and Marvin Rees, continue to work together as a City Region to ensure that this area remains a great place to live, work, invest and do business, we have great opportunity to thrive in the face of any economic challenges that come our way.”