The British Chamber of Commerce is upgrading its GDP growth forecasts 2014 and ‘15 upwards.
Comment on the British Chamber of Commerce upgrading its GDP growth forecasts from Graham Morgan, director of the South Wales Chamber of Commerce
“The figures from the British Chamber of Commerce are certainly not out of kilter with what we are seeing in Wales, where there are plenty of good news stories. The recent figures from the ONS, which show that Wales is outperforming the rest of the UK in terms of exports, is a key indicator that Wales is at the forefront of the economic recovery.
“We have long said that businesses should look to expand their markets overseas if they want to fulfil their potential, and if Wales and the UK were to recover from the doldrums of the recession years. I’m pleased to say that many are taking that exact approach, and we are seeing more Welsh businesses seeking access to overseas markets.
“Our own statistics from our last Quarterly Economic Survey showed that businesses in Wales were starting 2014 in their strongest position for quite some time, with many no longer simply trying to weather the conditions of the economic storm of the last few years, but now beginning to experience real growth and a confidence that profit margins would increase during the year. This was underpinned by many stating a commitment to investing in, and growing, their workforces over the coming months.
“Our recent South Wales Chamber Business Awards also showcased many businesses here that are applying innovative and creative approaches to growing their businesses models.
“There’s also a real opportunity around the corner with the roll-out of superfast broadband across Wales, and businesses should be considering how they can make the most of the opportunities that it will present them. It can be a real game-changer for many, who will be able to showcase Wales, and their business, across the globe at the touch of a button.
“Of course, we can’t get too carried away, and not all businesses will be enjoying the return to profits that others are, or in a position to recruit yet either. However, these statistics are another sign that things are moving in the right direction.”