A growth in economic output in the first three months of 2014 has been welcomed by the Chamber of Commerce for Derbyshire, Nottinghamshire and Leicestershire.
New figures published today estimate that Gross Domestic Product (GDP) output increased by 0.8% in the first quarter of the year and show that the economy has grown by 3.1% over the past 12 months. It was the fifth consecutive quarter in which the UK economy recorded growth.
Chris Hobson, the Chamber’s Head of Information and Representation, said: “Growth of 0.8% for the quarter is stronger than anything we’ve seen for a year and shows that we have progressed from green shoots recovery to what is now showing signs of becoming a sustainable crop.
“All the triggers identified by Bank of England Governor Mark Carney for fiscal and monetary adjustments, such as raising interest rates, are being achieved more or less on target, but today’s figure shows that it’s still too early to act and far too early to sit back and rest.
“Manufacturing, for example, is still well below its pre-recession levels and the broad-based recovery is still relatively nascent, requiring further encouragement and support so all our businesses – manufacturers and engineers in particular, where the East Midlands has many strengths – can grow and flourish.
“Our members have demonstrated their commitment to growth. What they now need to see is Government policies, such as those unveiled in the Budget relating to exports and investment, start to really make a difference on the ground. Now is the time for Government to show its strength and hold firm to its commitment to nurture growth in the economy.”