10 minute read
Economic growth suffers as firms face tough times ahead
The Office for National Statistics (ONS) GDP monthly estimate for January 2025 revealed that the monthly real gross domestic product (GDP) is estimated to have fallen by 0.1% in January 2025, mainly caused by a fall in the production sector, after growth of 0.4% in December 2024. Real GDP is estimated to have grown by 0.2% in the three months to January 2025, compared with the three months to October 2024, mainly because of growth in the services sector.
Production output fell by 0.9% in January 2025, following growth of 0.5% in December 2024, and fell by 0.9% in the three months to January 2025, with manufacturing output driving both the monthly and three-month falls.
Construction output fell by 0.2% in January 2025, following a similar fall of 0.2% in December 2024. The fall in monthly output in January 2025 came solely from a fall of 0.7% in new work, as repair and maintenance grew by 0.4%. Construction output is estimated to have grown by 0.4% over the three months to October 2024, compared with the three months to October 2024.
Stuart Morrison, Research Manager at the British Chambers of Commerce, said: “With businesses facing an impending avalanche of cost pressures, it’s unsurprising that growth is in trouble. With GDP shrinking in January and an expansion of just 0.2% for the three months prior, the economy was treading water.”
The BCC’s Quarterly Economic Forecast (QEF) has revised down growth expectations for 2025, as firms deal with a raft of rising cost pressures.
Business investment and exports are likely to suffer this year because of the impact of the National Insurance rise and global uncertainties. Inflation and interest rates are also expected to stay higher for longer.
The QEF expects the UK economy to grow by 0.9% in 2025, revised down from the previous forecast (1.3%). This year’s limited growth will be driven largely by increased day-to-day Government spending. GDP is expected to rise in 2026 to 1.4% but that is also slightly down from the last forecast (1.5%).
Inflation is now expected to remain above the Bank of England’s target until the last quarter of 2027. CPI is forecast to be 2.8% in Q4 2025 (up from 2.2% in the last forecast), before falling to 2.1% by the end of 2026 and 2% in Q4 2027.
Unemployment is expected to rise to 4.6% by the end of 2025, compared to 4.5% in the previous forecast. The rate is then predicted to remain at that level for the rest of the forecast period, as labour costs reduce business appetite for hiring.
Firms will struggle to invest in 2025, as they grapple with rises in National Insurance and the minimum wage. Business investment has been revised downwards for 2025 to 0.6%, compared with 0.9% in the previous forecast. The picture is then expected to quickly improve, reaching 1.8% in 2026 and 2.0% in 2027.
“Our latest forecast predicts a tough year ahead, with the economy growing just 0.9% in 2025, driven largely by increased Government spending,” he continues.
“The National Insurance hike is looming large for businesses and will hit investment, recruitment and prices in the coming months.
“To unlock growth, the Government should publish a tax roadmap on National Insurance and business rates. This would enable firms to know when costpressures will ease, allowing them to plan their investment decisions.
“They also want to see movement on infrastructure development and renewed support for exports, so they can navigate the choppy waters ahead with more confidence.”
The QEF was the winner of the 2024 FocusEconomics award for best GDP forecast.
Every month we bring you a mix of information sessions, networking events, and training sessions with some of the top local business professionals from an array of different industries. Each event is designed to offer invaluable up-to-date information tailored to our attendee’s wants and needs, as well as networking opportunities to help you grow your business.
Every month we bring you a mix of information sessions, networking events, and training sessions with some of the top local business professionals from an array of different industries. Each event is designed to offer invaluable up-to-date information tailored to our attendee’s wants and needs, as well as networking opportunities to help you grow your business.
With a mix of events held online and face-to-face across Kent, you’re sure to find the right one for you.
With a mix of events held online and face-to-face across Kent, you’re sure to find the right one for you.
Business Bites Facts Tell, Stories Sell
Business Bites Facts Tell, Stories Sell
Tuesday 15th April 2025
Tuesday 15th April 2025
Online via Zoom | 1:00pm - 1:30pm
Online via Zoom | 1:00pm - 1:30pm
Members: Free to Attend | Non-Members: Free to Attend
Members: Free to Attend | Non-Members: Free to Attend
If you’ve got a great product or service but struggle to generate leads or close sales, the issue isn’t your offering –it’s your messaging. When prospects don’t instantly understand how you can help them, they move on to someone whose marketing is clear.
If you’ve got a great product or service but struggle to generate leads or close sales, the issue isn’t your offering –it’s your messaging. When prospects don’t instantly understand how you can help them, they move on to someone whose marketing is clear.
In this powerful webinar, you’ll discover how to craft messaging that captivates and converts. Using a proven storytelling framework adopted by the world’s top brands, you’ll learn how to position yourself in the right role within your brand’s narrative.
In this powerful webinar, you’ll discover how to craft messaging that captivates and converts. Using a proven storytelling framework adopted by the world’s top brands, you’ll learn how to position yourself in the right role within your brand’s narrative.
Business Talks
Business Talks
Thursday 17th April 2025, West Kent Shooting School
Thursday 17th April 2025, West Kent Shooting School
Members: £12.00 + VAT | Non-Members: £20.00 + VAT 10:30am - 12:30pm
Members: £12.00 + VAT | Non-Members: £20.00 + VAT 10:30am - 12:30pm
Come and network at our next Business Talks event, held at the West Kent Shooting School. Discover the world-class shooting location, delve into the history of the school, and have a chance to test your aim with some clay pigeon shooting.
Come and network at our next Business Talks event, held at the West Kent Shooting School. Discover the world-class shooting location, delve into the history of the school, and have a chance to test your aim with some clay pigeon shooting.
Thursday 8th May 2025, Buckmore Park Karting
Thursday 8th May 2025, Buckmore Park Karting
Members: Free to Attend | Non-Members: £30.00 + VAT 10:30am - 12:00pm
Members: Free to Attend | Non-Members: £30.00 + VAT 10:30am - 12:00pm
During the session, you will be learning more about the operations and what goes into running a successful circuit. There will be an opportunity for those of you avid drivers to have a go around the track after the networking event.
During the session, you will be learning more about the operations and what goes into running a successful circuit. There will be an opportunity for those of you avid drivers to have a go around the track after the networking event.
Business Walks
Business Walks
Thursday 10th April April 2025, University of Kent 10:30am - 12:30pm | Members: Free to Attend | Non-Members: £30.00 + VAT
Thursday 10th April April 2025, University of Kent 10:30am - 12:30pm | Members: Free to Attend | Non-Members: £30.00 + VAT
It is well known that walking in nature can uplift your mental and physical well-being.
It is well known that walking in nature can uplift your mental and physical well-being.
With this in mind, why not come and join us for Business Walks and get ready to Connect, Collaborate and Support other business owners, professionals, and employees through walking and talking.
With this in mind, why not come and join us for Business Walks and get ready to Connect, Collaborate and Support other business owners, professionals, and employees through walking and talking.
This informal event will give you an opportunity to promote your business and make invaluable connections with local businesses in Kent.
This informal event will give you an opportunity to promote your business and make invaluable connections with local businesses in Kent.
Chamber Connections
Chamber Connections
Tuesday 22nd April 2025, The Sports Trust, Folkestone
Thursday 1st May 2025, The Village Hotel, Maidstone (Sponsored by Knights)
Tuesday 22nd April 2025, The Sports Trust, Folkestone
Tuesday 20th May 2025, Dover Marina Hotel and Spa, Dover 10:30am - 12:00pm | Members: Free to Attend | Non-Members: £30.00 + VAT
Thursday 1st May 2025, The Village Hotel, Maidstone (Sponsored by Knights)
Tuesday 20th May 2025, Dover Marina Hotel and Spa, Dover
10:30am - 12:00pm | Members: Free to Attend | Non-Members: £30.00 + VAT
Join others for our very popular Chamber Connections networking event and receive a warm welcome from your Chamber representative on arrival, who will be on hand to help you meet new members of the business community.
Join others for our very popular Chamber Connections networking event and receive a warm welcome from your Chamber representative on arrival, who will be on hand to help you meet new members of the business community.
This informal event will give you an opportunity to promote your business and make invaluable connections with local businesses in Kent.
This informal event will give you an opportunity to promote your business and make invaluable connections with local businesses in Kent.
Kent Construction Focus Group
Kent Construction Focus Group
Tuesday 13th May 2025, The Village Hotel, Maidstone
Tuesday 13th May 2025, The Village Hotel, Maidstone
Tuesday 3rd June 2025, The Village Hotel, Maidstone 7:30am - 9:30am | KCFG Members: £22.50 + VAT | Non-Members: £32.50 + VAT
Tuesday 3rd June 2025, The Village Hotel, Maidstone 7:30am - 9:30am | KCFG Members: £22.50 + VAT | Non-Members: £32.50 + VAT
Business Walks
Thursday 10th April 2025 | 10:30am - 12:30pm
Business Walks
University of Kent, Canterbury, CT2 7FG
Thursday 10th April 2025 | 10:30am - 12:30pm
University of Kent, Canterbury, CT2 7FG
Business Bites – Facts Tell, Stories Sell
Tuesday 15th April 2025 | 1:00pm - 1:30pm
Business Bites – Facts Tell, Stories Sell
Online via Zoom
Tuesday 15th April 2025 | 1:00pm - 1:30pm
Online via Zoom
Business Talks
Business Talks
Thursday 17th April 2025 | 10:30am - 12:30pm
Thursday 17th April 2025 | 10:30am - 12:30pm
West Kent Shooting School, Brenchley, TN12 7DG
West Kent Shooting School, Brenchley, TN12 7DG
Chamber Connections
Chamber Connections
Tuesday 22nd April 2025 | 10:30am - 12:00pm
The Sports Trust, Folkestone, CT19 5JU
Tuesday 22nd April 2025 | 10:30am - 12:00pm
The Sports Trust, Folkestone, CT19 5JU
Virtual Business Networking
Virtual Business Networking
Tuesday 29th April 2025 | 10:30am - 12:00pm
Online via Zoom
Tuesday 29th April 2025 | 10:30am - 12:00pm
Online via Zoom
Chamber Connections (Sponsored by Knights)
Chamber Connections (Sponsored by Knights) Thursday 1st May 2025 | 10:30am - 12:00pm
Thursday 1st May 2025 | 10:30am - 12:00pm
The Village Hotel, Maidstone, ME14 3AQ
The Village Hotel, Maidstone, ME14 3AQ
Business Talks
Business Talks
Thursday 8th May 2025 | 10:30am - 12:00pm
Every month we bring you a mix of information sessions, networking some of the top local business professionals from an array of invaluable up-to-date information tailored to our attendee’s wants help you grow your business.
Thursday 8th May 2025 | 10:30am - 12:00pm
Buckmore Park Karting, Chatham, ME5 9QG
Buckmore Park Karting, Chatham, ME5 9QG
Kent Construction Focus Group (KCFG)
The KCFG group is made up of companies in the Kent area within the construction sector, including architects, contractors, suppliers, land agents, and more. KCFG provides a one-stop shop for access to local knowledge, expertise, and contacts within the land development and construction sector.
The KCFG group is made up of companies in the Kent area within the construction sector, including architects, contractors, suppliers, land agents, and more. KCFG provides a one-stop shop for access to local knowledge, expertise, and contacts within the land development and construction sector.
During the morning, you will enjoy a full English breakfast, followed by a presentation from our guest speakers.
With a mix of events held online and face to face across Kent,
Kent Construction Focus Group (KCFG)
Tuesday 13th May 2025 | 7:30am - 9:30am
Tuesday 13th May 2025 | 7:30am - 9:30am
Kent Construction Focus Group
The Village Hotel, Maidstone, ME14 3AQ
The Village Hotel, Maidstone, ME14 3AQ
Tuesday 6th August 2024 | Tuesday 3rd September 2024
During the morning, you will enjoy a full English breakfast, followed by a presentation from our guest speakers.
Kent and Medway Business Summit
Kent and Medway Business Summit
The Village Hotel, Maidstone | 7:30am - 9:30am KCFG Members: £22.50 + VAT | Non-Members: £32.50 + VAT
Tuesday 13th May 2025 | 8:00am - 4:30pm
Tuesday 13th May 2025 | 8:00am - 4:30pm
University of Kent, Canterbury, CT2 7FG
University of Kent, Canterbury, CT2 7FG
Hosted by members of the KCFG committee, Cheryl Causebrook and Ella Brocklebank, we bring you KCFG
Chamber Connections
Chamber Connections
Virtual Business Networking
Virtual Business Networking
Tuesday 29th April 2025 | Tuesday 27th May 2025
Tuesday 29th April 2025 | Tuesday 27th May 2025
Online via Zoom | 10:30am - 12:00pm
Online via Zoom | 10:30am - 12:00pm
Members: Free to Attend | Non-Members: £30.00 + VAT
Members: Free to Attend | Non-Members: £30.00 + VAT
Tuesday 20th May 2025 | 10:30am - 12:00pm
Tuesday 20th May 2025 | 10:30am - 12:00pm
The KCFG group consists of companies in the Kent area involved in construction, such as architects, surveyors, contractors, construction suppliers, and land agents etc.
Dover Marina Hotel and Spa, Dover, CT17 9BP
Dover Marina Hotel and Spa, Dover, CT17 9BP
Virtual Business Networking
Virtual Business Networking
Tuesday 27th May 2025 | 10:30am - 12:00pm
Tuesday 27th May 2025 | 10:30am - 12:00pm
Each event will be an eclectic mix of conversation topics as we interview our guest business and encourage questions from the attendees, making sure we bring you the networking event you want to be involved in.
Each event will be an eclectic mix of conversation topics as we interview our guest business and encourage questions from the attendees, making sure we bring you the networking event you want to be involved in.
Online via Zoom
Online via Zoom
KCFG provides a one-stop-shop for access to local knowledge, expertise, and contacts within the land development and construction sector.
Kent Construction Focus Group (KCFG)
Conversations with our guest speaker will be followed by three breakout room sessions where attendees can delve deeper into this discussion or discuss their own topic in more depth.
Conversations with our guest speaker will be followed by three breakout room sessions where attendees can delve deeper into this discussion or discuss their own topic in more depth.
Tuesday 3rd June 2025 | 7:30am - 9:30am
Kent Construction Focus Group (KCFG) Tuesday 3rd June 2025 | 7:30am - 9:30am
The Village Hotel, Maidstone, ME14 3AQ
The Village Hotel, Maidstone, ME14 3AQ
During the morning, you will enjoy a full English breakfast, followed by a presentation from our guest speakers.
Thursday 2 October 2025
Produced by Kent Invicta Chamber of Commerce
