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PRIVACY
Economic Development

Recession risk as economic growth contracts in Wales

Figures from the Office of National Statistics showed a fall in GDP in the first quarter of 2019

jobless, unemployed

Gross domestic product (GDP) in Wales fell in the first quarter of 2019 with a business group calling for action to inject momentum into the economy.

The latest Office of National Statistics figures showed a 0.5% fall in GDP in January to March 2019.

GDP is the sum (measured in pounds) of the value of goods and services produced in the economy.

Two consecutive quarters of negative GDP would officially put Wales in recession.

It comes two weeks after figures showing unemployment in the country on the increase.

Unemployment is increasing

Debbie Bryce, chief executive officer of West Cheshire & North Wales Chamber of Commerce, said: “These figures point to an economy under pressure from uncertainty over Brexit and weakening global economic conditions.

“There are positives with manufacturing growing by 1.6%, but this could be as a result of the stockpiling that was reported ahead of the original Brexit deadline in March.

“Government must take swift and tangible action to inject momentum and confidence into the 海角视频 economy, including the delivery of transformative infrastructure projects across the country.”