11 March 2013

Wales Businesses Improved Orders Helps Welsh Economy Grow

According to research published today by Lloyds TSB, businesses have received new orders which in turn has helped the Welsh economy with its private business sector by showing an increase from the last four months.

Furthermore, the rate of job creation is at the highest since August 2007, this includes in manufacturing and the service industry where it appears that the growth is proportional to the increase of new business. 

Nevertheless, some business activities such as property, it was noted that this market is currently weak, in this context the Welsh economy may not be performing so well, mainly due to its service sector where figures has shown less than expected values. In this context, the rate of inflation in Wales remains above the overall UK average for the reported period.

Allan Griffiths, of Lloyds TSB stated:“While February marked the seventh consecutive monthly increase in business activity across Wales, private sector companies struggled to maintain the solid pace of growth seen in January...The overall growth of new business among Welsh companies also led to rising employment levels... Manufacturers were the main beneficiaries last month, with solid growth in both production and levels of new work, while service providers recorded only very low levels of growth.

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