Manufacturers weather end of 2010

Commenting on today’s GDP figures, Jonathan Walker, policy adviser at the North East Chamber of Commerce, said:

 “The UK economy was buried under a mountain of snow at the end of 2010 which had an unsettling impact on business performance. The economy slowed by 0.6 per cent during the quarter – slightly worse than was originally estimated last month.

 “Production industries – which make up an above average part of the North East economy compared with the wider UK – outperformed other sectors of the economy with a rise of 0.7% despite the harsh weather. Within those industries, manufacturers enjoyed growth of 1.1%. Hardest hit was the construction sector which saw an estimated decrease of 2.5%.

 “The latest economic performance figures illustrate what a turbulent time it is for businesses across most sectors and highlight the need for strong economic leadership to make sure that the Government’s spending cuts do not damage the recovery.”

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