Government GDP figures released today show that for the first quarter of 2013 UK GDP has grown by 0.3 per cent. Although the figures are preliminary and don’t yet give the local picture, a breakdown of the national figures suggests that the Oxfordshire is faring well within the overall economy.

Oxfordshire’s economy includes a large number of production-based businesses with a sizable car and motor engineering sector. National figures show that the production sector in the UK is showing signs of growth and that car sales are making a significant contribution to the overall rise of today’s GDP figures. Car manufacturer, BMW, which has one of its Mini plant based in Oxford, reported an overall rise in its sales during the first quarter of this year.

Other important economic indicators also show that Oxfordshire’s economy is performing well. Unemployment figures in Oxfordshire are some of the lowest in the country, and the latest monthly figures for March showed a drop in the number of people claiming unemployment benefit, from 7,225 in February to 7,090 in March.

Paul Inman, Oxfordshire Local Enterprise Partnership, Board Member said, “Today’s news on the performance of the UK economy brings home once again the important contribution that Oxfordshire is making and must continue to make in the long term rebalancing of the national economy. The Oxfordshire Local Enterprise Partnership is working with business, universities and local government to ensure that the county realises its full potential to help make this happen.”