Latest GDP figures

Estimated figures released today (Wednesday 27 April 2011) show that Gross Domestic Product (GDP) has grown by 0.5 per cent in the first quarter of the year.

Commenting on the figures, Chris Fletcher, Deputy Chief Executive at Greater Manchester Chamber of Commerce, said: “The growth figures today come on the back of a series of other recent positive results which, taken as a whole, could give the impression that the economy is back on track. Whilst a double-dip recession has been avoided, the economy is still far from good health and these figures have only made up the ground lost at the end of last year.

“There are still huge challenges facing business in the UK and these are clear when you look at our Quarterly Economic Survey results from quarter one. Many of our members, especially manufacturers, are battling to control costs and large parts of the UK market are still struggling.

“There is a toxic mix beginning to form of higher prices and increased growth, which may force a rise in interest rates sooner than many would anticipate which could impact on the recovery. The challenge at present is to hold firm and build back confidence in the private sector so we can see real and sustained growth happen.”