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12 December 2012

Statement on Labour Market Statistics and GVA

Reference number: PR12122012

Federation of Small Businesses

Statement on Labour Market Statistics and GVA

12 December 2012

Commenting on today''s unemployment and GVA statistics, Janet Jones, Welsh Policy Unit Chair for the Federation of Small Businesses, said:

"Today''s figures - showing not just a significant decrease in unemployment but also an increase in Wales'' economic output - are long overdue."

"Unemployment statistics remain a key measure by which to judge the strength of our economic recovery, and the last few months'' figures show Wales taking significant strides forward.  

"In terms of economic output, it''s encouraging that Wales now has 75.2% of the UK per capita average - an increase on the year before. However, we mustn''t forget that GVA per capita in Wales is still the lowest in the UK and it''s for the Welsh Government to continue this positive trend. 

"We still have concerns at the lack of up-to-date economic data for Wales. While the figures released today point to an increase in economic output; they relate only to 2011. At present we are unsure how the numerous difficulties that Wales'' SMEs have faced during 2012 have affected the Welsh economy. 

"We would like to see the Welsh Government move forward with the Silk Commission recommendations by building a treasury capacity for Wales that can give up-to-date statistics on its economic performance."

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