MP Sir Alan Beith has welcomed the latest GDP figures showing that the economy grew by 0.8 per cent in the last quarter.
He said: “Fixing the economy was always going to take time but this shows that we are on the right track.”
Reacting to the news that the UK economy emerged from recession in the three months from July to September, North East Chamber of Commerce Policy Director, Ross Smith, said: “The GDP announcement is reassuring as it confirms what we already know in the North East, which is that businesses have been doing well and performing much better than was reflected in GDP statistics earlier in the year.
“Hopefully this news will add to the positivity we have seen throughout the regional manufacturing, engineering and service sectors in our own Quarterly Economic Survey, which also demonstrates that businesses are increasing workforces at a rate not seen since 2008.
“There is undoubtedly a feel-good factor attached to the UK officially emerging from recession, particularly as growth levels are in excess of those predicted with the best quarterly figures since 2007.
“While the GDP figures are welcome we must remain cautious in our optimism. The Olympics had a significant impact on Quarter 3 results and growth forecasts for 2013 remain modest, while today’s construction figures are a cause for concern.
“Hopefully, the Government’s planning reforms will help stimulate the construction sector and we will see signs of recovery in the sector in early 2013.”