Responding to the preliminary GDP data for Q3, published by the Office for National Statistics this morning, Stuart Morrison, Research Manager at the British Chambers of Commerce said:
“Today’s preliminary data showing growth of 0.7% in Q3, confirms a resilient economy weathering some of the impact of global shocks.
“It’s encouraging that the UK outpaced Germany, France and Italy, trailing only the US among G7 economies reporting Q3 data so far. It is the first time UK GDP has grown by at least 0.5% for three consecutive quarters since the post-pandemic recovery in 2021–22.
“With some of the resilience built on the momentum of AI, it’s crucial that government and business work together to help every firm seize the technology moment.
“But dig below the headline and there are signs of an emerging two-speed economy.
“Investment by a few larger firms and sectors is driving growth. For the vast majority of SMEs, investment is flat.
“Our latest survey shows just 17% of firms expect to increase invest in the coming months, unchanged on the quarter and a post-pandemic low.
“Last month’s Budget was a missed opportunity to shift the economic dial for SMEs. We need government to remain laser focused on cutting the cost of doing business, improving the hiring landscape and boosting export opportunities.
“Next Friday’s leaders’ summit in Brussels must be a moment to agree practical changes to the UK-EU trade deal that will enable growth.”
Read the full GDP data here