Member Article

North East business leaders comment on GDP figures

Mike Odysseas, managing director of Odyssey Systems, said: “These figures, which confirm four successive quarters of significant growth, come as no surprise to me – they reflect the real growth and recovery we have been seeing here at the sharp end of the economy for some time now. The services sector has once again performed exceptionally well, echoing the expansion we saw in our own company last year.

“The nature of our business means we get a good picture of recruitment and company investment across all sectors. We can see significant activity across the economy, including rising employment, growing activity in the housing market and improving confidence, which all suggest real and growing momentum.”

The chief executive of TT2, operators of the Tyne Tunnels, has welcomed today’s growth in GDP, but says more can be done to boost infrastructure and the fall in construction figures.

Rachel Turnbull said: “A 0.7% rise in GDP, annualising at 1.9% growth, is very welcome news for the economy and shows strength across most key sectors. However, the drop seen in construction is disappointing and highlights a need to focus upon that industry.

“This can be boosted by putting a much needed focus upon infrastructure improvements, particularly here in the North East. Projects such as upgrading the Silverlink and Testos roundabouts, plus other connections on the A19, can go a long way to realising the potential of the work that has been done here, as well as bolstering the construction sector.

“Additionally, we are starting to see junction work on the A1, with work in the pipeline on the Western Bypass. The North East has a need for infrastructure upgrades to increase the role the region can play in this growth from recession, and today’s figures have highlighted the wider need to support such projects.”

Willie O’Neil, Contract Lead at Nortech Oil & Gas, part of the Nortech group of companies, a successful professional engineering design and project management company based at Wynyard, said: “I welcome today’s excellent growth figures, as they are the most positive since 2007 before the start of the recession. This growth demonstrates that the UK is now firmly on the road to recovery across most sectors.

“I am seeing major growth in the UK oil & gas industry and this is extremely good news for the economy as a whole. Last year in the UK 36 offshore projects, with an associated capital expenditure of more than £9bn, were approved. They provide tax revenues of £6.5bn on production and a further £5bn through the wider supply chain in corporate and payroll taxes. As an integral part of the industry’s supply chain, Nortech is undergoing strong growth and development. Turnover has steadily increased to £10m and we have taken on 86 new members of staff since starting up with a team of four in 2011.”

This was posted in Bdaily's Members' News section by Recognition PR Business Team .