Comment in response to the revised GDP figures released today

Siemens 25/05/2012

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Juergen Maier, managing director of Siemens Industry UK and Ireland, said:

While these figures are slightly less encouraging than previous estimates, it is a very small change, and manufacturing saw flat growth over the last quarter. It therefore just confirms a “no growth” economy. I however believe that we will still avoid a significant double dip recession and soon return to small GDP growth in this or the next quarter. This is largely due to the fact that the private sector, especially manufacturing, is feeling positive about the medium to long term prospects for British business, and also because there are policy initiatives such as reductions to corporation tax and greater support for manufacturing from the Government, that should help encourage exports over time.

Keeping this relatively upbeat mood despite the small drop in GDP is paramount especially for the manufacturing sector to ensure we keep investing in technology and skills hence preparing ourselves to be more globally competitive as an inevitable growth period returns.