Growth welcomed, but recovery still needs to be secured

The Party of Wales’ Treasury spokesperson, Jonathan Edwards MP, has welcomed today’s GDP figures showing growth in the third quarter of 2012 compared with the second, but warned that the UK economy had not grown in the past year and that Wales needed the economic boost that could be provided by Plaid’s Plan C proposals to create 50,000 Welsh jobs.

Mr Edwards said that flatlined growth in the past year offers little comfort when the current state of the economy is compared with five years ago, and that 50,000 more in Wales are unemployed now than at that time, prior to the crash.

He also repeated calls for a Welsh GDP figure to measure the progress of the Welsh economy.

Mr Edwards said:

“These figures today showing a return to growth in the past quarter are very welcome but the reality is that the economy has flatlined in the past year and for most people life is harder than before the crash.

“In Wales, we still have 50,000 more people unemployed than in 2007, showing the need for Leanne Wood’s Plan C programme to create jobs in Wales. A Party of Wales government would be a real boost for Wales.

“We must remember that today’s figures follow a double-dip recession and follow an expected bounce from the Olympics and a drop because of extra bank holidays in the spring. We will have to wait and see whether this recovery is sustained.

“It remains a shame that we don’t have our own Welsh GDP figures to compare the progress of our own economy.”

ENDS

Notes to Editor:

GDP was estimated to have increased by 1.0 per cent in Q3 2012 compared with Q2 2012
Output of the production industries was estimated to have increased by 1.1 per cent in Q3 2012 compared with Q2 2012, following a decrease of 0.7 per cent between Q1 2012 and Q2 2012
Construction sector output was estimated to have decreased by 2.5 per cent in Q3 2012 compared with Q2 2012, following a decrease of 3.0 per cent between Q1 2012 and Q2 2012
Output of the service industries was estimated to have increased by 1.3 per cent in Q3 2012 compared with Q2 2012, following a decrease of 0.1 per cent between Q1 2012 and Q2 2012
GDP in volume terms was estimated to have been flat in Q3 2012, when compared with Q3 2011

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