The UK may have avoided a triple dip recession today, but there are warnings about the ongoing strains on the Welsh economy and our ability to create well-paid jobs.
Some of our big traditional employers, like construction and manufacturing, are still facing a tough time - but the service sector is doing better.
The Welsh Government says that today's figures showing GDP grew 0.3 percent across the UK in the first three months of the year, highlight that the UK economy is "continuing to struggle."
This is how the different sectors of the British economy have performed in the first three months of this year:
- Agriculture, forestry and fishing - Fell by 3.7 percent compared with 0.5 percent contraction in the previous quarter.
- Construction - Output decreased by 2.5 percent capping off a 5.9 percent decrease in the year to March 2013.
- Production - Grew by 0.2 percent following a decrease of 2.1 percent in the previous quarter. This growth was driven by mining and quarrying, and electricity supply.
- Services - 0.6 percent growth was the driving force behind the growth in overall GDP. This picture of positive growth was seen across the sector.
The Treasury have tweeted reaction to the latest GDP figures:
Finally the Treasury tweeted: "…but by continuing to confront our problems head on, Britain is recovering and we are building an economy fit for the future."
Britain has avoided a triple-dip recession according to the latest figures from the Office for National Statistics.
The figures showed that GDP grew by 0.3 percent in the first three months of this year.
A recession is defined as two or more consecutive quarters of negative economic growth.
Figures from the Office for National Statistics show variations in disposable incomes.
In parts of the South Wales Valleys it's £13,081, that's £2,953 less than the UK average of £16,034.
Despite the decline, the survey also found signs of optimism in the market with surveyors predicting growing workloads over the next 12 months, alongside hopes for employment levels in the building sector.
The latest construction market survey from the Royal Institution of Chartered Surveyors (RICS) found that almost all sectors of Welsh construction had seen a decline in the first three months of the year.
Around 13 per cent more chartered surveyors reported a fall in the number of workloads.
The survey found a "significant reduction" in public housing projects and that infrastructure, commercial, industrial and public sector construction levels were also struggling. Private housing was the only sector to see an increase.
Financial constraints was the main issue holding back construction output, according to 88 per cent of those responding to the survey, followed by insufficient demand and weather conditions.
It's not just businesses finding things tough in the current economic environment. Workers at Afon Wen laundry in Cardiff are tightening their belts. One describes ending any spending on leisure or luxuries, while others admit 'the lifestyle has definitely changed.'
There are fresh fears Wales and the rest of the UK could slide into recession again, with new figures reflecting a bleak period for growth. According to official figures released today, gross domestic product fell by 0.3% in the last three months of last year.