Bristol firms remain optimistic about their prospects despite official figures 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, this week’s figures from the Office for National Statistics (ONS) show.
But Business West, which runs Bristol Chamber of Commerce and the Bristol Initiative, said the slowdown had been expected and was failing to dent confidence among local firms. 
James Durie, pictured, executive director of the Chamber and Initiative, said: “This slowdown in economic growth comes as no surprise given the global uncertainty we have witnessed over the last three months, and our survey work during the same period reported a similar loss of momentum for business in the Bristol city region.
“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 Bristol was recently named as one of the top five most affluent cities in the UK and that business confidence in the city stands at a sturdy 64%, then the picture looks positive.
“Nonetheless, this slowdown turns heads towards the Spending Review and the Autumn Statement for government action to help 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.
The 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%.
