Chamber comments on the latest GDP and trade data

Oliver Carpenter, Policy Manager at Chambers Wales South East, South West and Mid, said: 

“Despite recent positive economic steps such as an interest rates freeze and inflation falling, the economy and trade is continuing to stagnate as the minimal rise in GDP and August’s trade figures show. 

“Policymakers and business representative organisations need to collaborate to ensure that businesses get the resources they need to begin or expand their international trade journey. Our Quarterly Economic Survey for Q3 of 2023 shows that almost half of businesses in Wales are not engaged in international markets and that those who do export to overseas markets have seen sales and orders remain constant or decrease over the last three months. 

“Businesses who trade internationally are generally more successful, flexible and resistant to economic shocks. It is essential that businesses are provided the tools and access to markets they need, to not only grow the economy but bolster it. 

“Similarly, support for businesses domestically would also help improve GDP. One in six high street businesses across Wales are empty. SMEs are founded on the communities they exist in and rekindling the high street to boost a localised trading culture for our businesses is a considerable challenge that needs to be met head on by policymakers, local authorities and the private sector.”