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The Association for Consultancy and Engineering responded to today’s shock GDP growth estimate by calling for a renewed focus on encouraging investment in infrastructure.
GDP growth for the entire economy shrank by 0.5% in the fourth quarter of 2010. However, GDP for the construction sector shrank by 3.3%, compared with growth of 3.9% in the previous quarter.
Nelson Ogunshakin OBE, ACE chief executive, said: “While the unusually cold weather in December inevitably had an effect on the economy, today’s news reinforces the fragile nature of the recovery. We would encourage the Chancellor to use his forthcoming Budget to place an urgent focus on driving greater private sector investment and in supporting businesses, particularly small businesses.
“Transport, water and energy infrastructure are all crucial to the economic, environmental and social health of the UK. Facilitating greater private sector investment in these areas should be a top priority for government, particularly as we seek to rebalance the economy.”
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For media enquiries please contact Michael Hall (020 7202 0256) (mhall@acenet.co.uk)
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