East Midlands Chamber comments on GDP growth

The East Midlands Chamber has reacted positively to growth of 0.6% in Gross Domestic Product (GDP) over the 3 months to June, in the latest estimated figures published by the Office for National Statistics.

Chief Executive Scott Knowles said: “For GDP to grow over a second consecutive quarter adds to confidence that we’re seeing a gradually brightening economy.  Nearly half the businesses in the East Midlands that took part in our Quarterly Economic Survey told us they expected their profits to rise while six in ten said their turnover was likely to increase this year.

“While there’s comfort to be taken from most of the recent economic indicators, some caution is needed too. There was no GDP growth in June and with inflation having risen for the first time this year, businesses still face price pressure and many are still struggling with the elevated cost of doing business. 

“The East Midlands needs investment, significant improvement in infrastructure and skills reform.  Our Manifesto for Growth 2024 outlines what the government needs to prioritise in the region to fix the broken planning system that slows development, fix the skills gap and get transport and infrastructure to a level where the region can thrive.”