Titan Business Insurance hopes that the latest growth figures from China are not a bad omen for British exports which rely on emerging growth to fuel the world recovery.
The latest figures from China showed that growth had slowed to 8.1% for the first quarter of the year, down from 8.9% in the last quarter. Analysts had been estimating 8.3%.
China recently surpassed Japan as the world’s second largest economy and figures on its gross domestic product growth are keenly watched by financial analysts. The latest figures prove that China is in a slower phase and it’s the slowest pace for almost three years.
Ironically says Titan, much of the slowdown is as a result of slower demand for goods from the US and Europe, plus a disappointing attempt to create a strong domestic demand.
Chief Executive Officer of Titan Business Insurance, Basil Tsapralis, said:
“This drop should not worry us too much. The Chinese authorities have had to apply the brakes to avoid unsustainable growth and then a dramatic fall. China needed a soft landing and although it’s a little bumpier than expected, it is not as bad as it could have been.
“Analysts believe that strong growth will return in the next quarter and we have to hope that this is because of increased demand from our markets. It’s a case of keeping our fingers crossed and hoping for the best.”
Titan Business Insurance represents a large number of companies in the UK and is a specialist broker in a wide range of sectors.
