LATEST GDP figures show the UK economy grew by 0.8 per cent in the second quarter of 2014, and is now 0.2 per cent better than the pre-recession level.
The news has been welcomed by Prime Minister David Cameron, who has also welcomed the international Monetary Fund's prediction that the UK will have the fastest growing economy of the advanced nations.
Mr Cameron said: "It is encouraging news that the economy is larger than pre-crash levels. Our Long Term Economic Plan is working and this is a major milestone."
North East Lincolnshire, home to Immingham, the jewel in the Humber trading estuary, is a key facilitator of growth, with cargo, fuel and energy at the fore, as well as a key role in the chemical processing sector.
Today's results show a second consecutive quarter on quarter increase of 0.8 per cent. In the latest quarter there were increases in two of the four main areas of focus;
output increased by 1.0 per cent in services and 0.4 per cent in production. However, output decreased by 0.5 per cent in construction and 0.2 per cent in agriculture. The 1.0 per cent increase in services contributed 0.77 percentage
points to the increase in GDP, with widespread growth in the four main areas.
GDP was 3.1 per cent higher from April and June 2014 compared with the same quarter a year ago, and estimated to be 0.2 per cent above the pre-recession peak in January to March 2008. From peak to trough in 2009, the economy shrank by 7.2 per cent.
Chairman of the North East Lincolnshire branch of the Federation of Small Businesses, Laura Fowler, said: "I think there is definitely optimism around. Just looking down Freeman Street recently, there is a lot of work going on, and while I know there has been money put in by the council, shop owners are doing their bit too. A lot of people are putting a real effort in.
"We have the massive things going on in renewable energy, the likes of Dong Energy in particular, which is bringing a lot of opportunities, and we are happy with that. It has certainly gone down well.
"I don't think we are lagging behind other areas in any way whatsoever."
New Business, Enterprise and Energy Minister, Matt Hancock took to Twitter.
He said: "There's much more to do to recover from Labour's Great Recession, but record jobs growth across whole country is a good start.
"Jobs growth is fastest in the North East - and four fifths of new jobs are outside London. Economic growth leads to jobs and financial security.
"Britain's economy will grow at nearly twice the speed of the US this year. Our long term economic plan is working."
John Cridland, CBI Director-General, said: "With confidence rising and businesses investing we're starting to see a recovery built on solid foundations. We now have a strong launchpad to propel the economy forward.
"Our surveys have indicated that growth has been broad-based across sectors. The latest GDP figures show that the service sector performed strongly and manufacturing output continued to rise. While it has been a disappointing quarter for the construction sector, we expect this to pick up, with demand for new housing still high.
"While there are still risks to growth at home and abroad, we are hopeful the economy will keep motoring along at a steady pace for the rest of this year and next. Now it's important that we ensure everyone shares the benefits of growth, and this is a priority for business."
As reported earlier this week, Councillor Chris Shaw told of the virtuous cycle of getting people back to work in a feature in the Grimsby Telegraph looking at the role of the council as economic enabler.
STATE OF YORKSHIRE AND HUMBER REGION AT A GLANCE:
Employment
Nearly 150,000 more people are in work than in 2010
The youth claimant count has fallen by 15,500 over the last 12 months
Unemployment is down by 38,000 since 2010
Almost 5,700 have gained jobs through the Regional Growth Fund and Enterprise Zones
More than 226,000 apprenticeships have been created since 2010 – the third highest in the country and 60,000 more than London
The value of orders in the region for construction/infrastructure in the first quarter of 2014 totalled £259 million
£270 million has been given to support businesses through the Regional Growth Fund, supporting 64,000 jobs
