Business leaders across Coventry and Warwickshire have welcomed the latest GDP rise but insisted the ‘job is not done’ in repairing the economy.
GDP (Gross Domestic Prodcut), which measures output in the UK, rose by 0.8 per cent in the first quarter of 2014 and is the fifth consecutive quarter of growth in the economy.
Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said the growth reflected what the Chamber was hearing from its members.
She said: “After many years of recession and very difficult business conditions, it has to be recognised that this is good news – not just for firms across Coventry and Warwickshire but for people up and down the country.
“In our most recent surveys of members, they have reported not only improving sales but also strong order books looking forward, which is leading to increasing confidence.
“It’s vital, however, that nobody starts to think that the job is done. We must continue to rebalance our economy towards manufacturing and engineering and towards increasing our exports overseas.
“In this area, many recent announcements have served to highlight just how important manufacturing and engineering is to Coventry and Warwickshire and there is no doubt that we are moving in the right direction.
“However, the Chamber, through our networks, and partners across the area – including the Local Enterprise Partnership – have recognised that there is even stronger potential for growth in this sector, which has led to the formation of a Growth Hub for advanced manufacturing and engineering through a City Deal.
“The Hub will help to increase growth and jobs in the sector across Coventry and Warwickshire.
“On a daily basis the Chamber, through our UKTI team, also works with companies who export their goods and services across the world.
“We have many, many success stories in this region but we also know that there is the potential for more, and we are here ready to help more businesses take their goods and services to overseas markets.
“So while the growth in GDP should be welcomed and should be seen as a very positive indicator for how far the economy has come, we should be in no doubt that there is much more hard work to be done to deliver an economy fit for the challenges of a global market.”