Graham Morgan, director of the South Wales Chamber of Commerce, said: “The Chancellor’s claim that the economy is starting to turn a corner is to a certain extent borne out by what we are seeing on the ground here in Wales, and the recent revision to the GDP estimate for Q2, although modest, does provide further evidence that recovery in the UK is gathering momentum.
“Our last Quarterly Economic Survey, released in June, showed that confidence within the business community in Wales is rising, with more businesses willing to invest in preparation for future expansion. The results of the next survey are due in October, and from the feedback we have been receiving from our members throughout Wales, we are expecting to see that this confidence, and a positive expectation of medium to short-term growth, will have been maintained across the quarter.
“However, feedback from business proprietors across Wales also tells us that they see the source of this recovery stemming from forward thinking initiatives taken by the private sector.
“In 2007/2008 swift action taken by business leaders created business models that could withstand recessionary pressures and, generally speaking, the return in confidence is very much down to the investments that businesses have made in securing new markets and wider contracts.
“On the periphery, private sector business providers have identified a few government schemes that have helped them through the turmoil, and it should be a priority for the governments in Wales and Westminster to ensure that have access to the support, finance and infrastructure that they need to develop and grow.”