Siobhan Mail, Director at Seer Green Financial Planning in Newport said: “While this latest fall in growth is disappointing, it is clear the main reason for this it is the unexpected drop in construction output.

“While that issue needs to be tackled, it is also a fact that there are many positives out there that can and should be built upon. The housing market remains reasonably strong, for example, and job creation figures are certainly improving, especially here in Wales.

“There is an argument to say the UK government needs to focus less on paying off debt and concentrate more on encouraging business and consumer confidence. Increasing the ordinary person’s monthly disposable income is crucial to kick-starting and sustaining any recovery.

“However, we also need to be realistic and accept that any economic recovery is going to be slower and take longer than many expected. The key is to ensure we do not resort to a gloom and doom scenario that can only damage that all-important business and consumer confidence that can only make growth harder to achieve.”

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