Swindon firms remain optimistic about their prospects despite official figures out yesterday showing the economy slowing, according to the area’s largest business organisation.
UK gross domestic product (GDP) increased by a lower than expected 0.5% between July and September compared to growth of 0.7% in the previous three months, the figures from the Office for National Statistics (ONS) show. 
But Business West, which runs the Swindon and Wiltshire Initiative, said the slowdown had been expected and was failing to dent confidence among local firms.
Director Ian Larrard, pictured, said: “This slowdown in economic growth comes as no surprise given the global uncertainty we saw in the last three months, and our survey work during the same period reported a similar loss of momentum in the Swindon and Wiltshire.
“This shouldn’t be taken as bad news. Growth may have slowed this quarter but we are still in a better position now compared to three months ago and this time last year.
“If you also factor in that South West unemployment is the lowest in the country and that business confidence stands at a sturdy 66%, then the picture looks a little brighter.
“Nonetheless, this slowdown turns heads towards the Spending Review and the Autumn Statement for Government action to tackle deep-rooted issues that are still holding us back.”
The growth rate announced today by the ONS was lower than the 0.6% expected by many economic commentators, showing the impact on the UK recovery of global factors such as China’s marked slowdown.
Yesterday’s figures reveal the biggest fall in construction output in three years, a drop of 2.2%, while the UK manufacturing sector declined by 0.3%. However, the service sector, the biggest section of the economy, grew by 0.7%.
