EEF NW comment on second estimate of Q1 GDP figures

David Ost, North West Region Director at EEF

Commenting on yesterday’s second estimate of the Q1 GDP figures, David Ost, North West Region Director at EEF, the manufacturers’ organisation, said: “The second print of GDP data for the first quarter still shows a modest uptick in growth, providing some hope that the economy may slowly be turning a corner.

"But the composition of growth gives weight to IMF concerns about the need for a greater focus on rebalancing the economy. Neither business investment nor net trade supported GDP growth in the first three months of the year, a trend that has been frustratingly persistent for much of the past year.

"Policy makers must ensure that emerging signs of business confidence are supported with a clear signal that government is prioritising action that matters most for growth if business investment is to get back on track.”