- UK GDP in Q4 2011 down -0.2% in the quarter, up 0.8% in the year
Commenting on the preliminary GDP estimates for Q4 2011, which were published today by the Office for National Statistics*, George Cowcher, Chief Executive of the Derbyshire and Nottinghamshire Chamber of Commerce, said: "The preliminary GDP figures for Q4 are both disappointing and worse than expected, but it is important to remember that these figures are just an estimate and could well be revised upwards in the future.
"Recent surveys, including the Chamber's own QES, which often mirrors changes in GDP, still showed growth - albeit slight - in the economy during the last quarter of the year. There will also be a time lag between the announcement and introduction of growth-promoting measures in the Chancellor's Autumn Statement and their impact on the real economy.
"There is, however, no denying that trading conditions do remain tough for many businesses across Derbyshire and Nottinghamshire, which reinforces the need for Government to do more to promote growth in the private sector.
"Reducing red tape, cancelling the planned above-inflation increase in business rates, providing more support for exporters, and implementing an effective credit-easing programme as soon as possible, will help businesses to grow at this crucial stage in the recovery."
* ONS: Gross Domestic Product - Preliminary Estimate, Q4 2011