Business leaders in Coventry and Warwickshire say the latest GDP figures show the economy is on the road to recovery – but there is still considerable work to be done.
The figures show that the UK economy grew by 0.7 per cent in the final quarter of 2013 and by 1.9 per cent across the year.
Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “When you take the GDP figures alongside recent news on unemployment and our own Quarterly Economic Survey (QES), they all show the improving economic picture.
“But the hard work is far from over – in fact, we have only just begun.
“Rebalancing the economy towards a stronger manufacturing and engineering base, towards increased exports, with an improving infrastructure network, has all started but rather than paring back efforts on these fronts we need to redouble them.
“We are seeing in this region a renaissance in manufacturing and engineering and it’s vital that the economic balance continues to shift that way.
“When it does, it will not be to the detriment to the service sector but will strengthen that too. So while we are pleased to see GDP rising and that the recovery is underway, this is no time for celebration, it is a time to look at further ways of building on the foundations that have been laid.”