Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“Today’s GDP data, showing 0.4% monthly growth in May and 0.9% growth in the three months to May, suggests that the UK economy has had a strong start to the year. Services, production and construction output have all contributed to this better than expected growth.
“This news, combined with low inflation and expectations of future interest rate cuts, could boost business confidence in Wales and encourage more firms to focus on their long-term growth plans through increased investment. Our Quarterly Economic Survey for Q2 2024 showed small rises in the number of businesses in Wales who increased their investment plans for training, equipment, plant and machinery and we hope that this continues to grow.
“Improving economic growth was the key theme of the Chancellor’s first speech earlier this week and it is important that the government capitalises on today’s positive news with clear, long-term strategies to support businesses across the country.”
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