Commenting on the GDP figures for Q4 2014, published today by the ONS, Caroline Williams CEO Norfolk Chamber said:
“The national slowdown in Q4 growth was larger than we had predicted, at 0.5% down from 0.7% in Q3, mainly due to a significant fall in construction by 1.8%. However the GDP in Q4 2014 was 2.7% higher than a year earlier and 3.4% higher than its pre-recession peak in Q1 2008. Although business confidence remains high, there is no doubt that the pace of expansion is easing, reflecting a general slowdown in the global economy, particularly in the eurozone.
“While there is ongoing debate about the possibility of a prolonged slowdown, we must reject the defeatist view that this is unavoidable. If the incoming government fosters the growth aspirations of businesses, the economy can regain its dynamism and achieve sustained growth. Norfolk businesses are very astute but no need to look at wider markets particularly overseas as an option for their growth. Improved broadband is key and the news today of an extra £18m to be spent on broadband infrastructure is very welcome”
More details: https://www.ons.gov.uk/ons/rel/gva/gross-domestic-product–preliminary-es…
