Growth Loses Momentum but Bristol Firms Remain Optimistic
The latest data from the Office for National Statistics (ONS) showed that UK economic growth slowed this quarter.
Gross Domestic Product (GDP) is estimated to have increased by 0.5% in Q3 (July to Sept) compared with growth of 0.7% last quarter.
GDP was 2.3% higher this quarter compared to this time last year.
James Durie, Executive Director of Bristol Chamber or Commerce & Initiative at Business West, comments: “This slowdown in economic growth comes as no surprise given the global uncertainty we have witnessed over the last three months, and our survey work during the same period reported a similar loss of momentum for business in the Bristol city region.
“This shouldn’t be taken as bad news. Growth may have slowed this quarter but we are still in a better position now compared to three months ago and this time last year.
“If you also factor in that Bristol was recently named as one of the top five most affluent cities in the UK and that business confidence in the city stands at a sturdy 64%, then the picture looks positive.
“Nonetheless, this slowdown turns heads towards the Spending Review and the Autumn Statement for government action to help tackle deep-rooted issues that are still holding us back.”