Confidence in the economy a must to support long-term business growth

THE region’s leading business group welcomed today’s official figures on the state of the economy highlighting that the GDP figures for the three months to the end of September are ahead of the long-term trend.

 The North East Chamber of Commerce (NECC), which represents more than 4,000 companies, said that growth of 0.8% in the third quarter of 2010 was a solid performance. Overall GDP has grown in the UK by an average of 0.5% over the last 13 years.

 Andrew Sugden, NECC director of membership and policy, said: “Coming off the back of a stellar performance by businesses in April to June this year, which was perhaps inevitable after such a deep recession, this quarter was always likely to show more modest growth but 0.8% is comfortably above the long-term average.

 “We must recognise that this data still represents growth in the economy despite falling short of the second quarter of 2010.

 “The greatest intangible factor in the economy is confidence and firms have showed a welcome resilience in the face of tough trading conditions. These latest GDP figures demonstrate that now is not the time to be talking of a double dip recession. This is solid growth and it is crucial that we don’t allow confidence to evaporate by talking the economy down. Private sector growth is essential if we are to meet the challenges presented by the ongoing public sector cuts needed to address the deficit.”

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