GDP figures highlight growing risks to the economy
25/07/08 | 11:21
Commenting on the GDP figures for Q2 2008 published by the ONS today, David Kern, Economic Adviser to the British Chambers of Commerce, said:
"Today's GDP confirms the dramatic worsening in economic prospects. Growth was below trend for the second quarter in a row and the position is likely to deteriorate in the second half of the year. We now expect zero or negative growth in the next two or three quarters.
"Both manufacturing and construction recorded falls in the BCC's last economic survey and the service sector remains very vulnerable.
"We believe a major recession can still be avoided but both the MPC and the Government must act to sustain confidence."
Ends
Media Contacts:
Fiona Cunningham
Tel: 020 7654 5812
Email: f.cunningham@britishchambers.org.uk
OR
Sam Turvey
Tel: 020 7654 5813
Email: s.turvey@britishchambers.org.uk
Notes to Editors:
The British Chambers of Commerce (BCC) is the National Voice of Local Business.
The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce serving business across the UK, which employ over five million people.