Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“It is encouraging to see that GDP grew by 0.2% in January, boosted by strong performances in the services and construction sectors. However, the wider picture revealing a 0.1% decline in GDP in the three months to January and similar falls in services, production and construction output, shows that the UK economy is still struggling to break out of a low to no growth cycle.
“Businesses in Wales are aware of the factors that are hindering their growth such as high interest rates and inflation, ongoing skills shortages and a hesitancy to invest amid economic uncertainty.
“While last week’s Spring Budget did introduce some positive measures to tackle challenges surrounding investment and growth, including the increased VAT threshold and access to finance for SMEs, businesses are still in need of a clear strategy to support and promote long-term growth.”
