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Restaurants heat up Cardiff economy but other areas struggle Restaurants heat up Cardiff economy but other areas struggle
(about 5 hours later)
Cardiff's service sector appears to be booming with one estate agent claiming more than 60 restaurant firms want to open in the Welsh capital.Cardiff's service sector appears to be booming with one estate agent claiming more than 60 restaurant firms want to open in the Welsh capital.
But a finance expert said the growth needs to reach other parts of Wales.But a finance expert said the growth needs to reach other parts of Wales.
Chris Parry, from Cardiff Metropolitan University, has called for a "northern powerhouse" and "mid Wales powerhouse" in a bid to boost other areas.Chris Parry, from Cardiff Metropolitan University, has called for a "northern powerhouse" and "mid Wales powerhouse" in a bid to boost other areas.
It comes ahead of GDP figures for the UK being released which will be another guide to progress in the Welsh economy. It came as GDP figures for the UK showed a slower growth for the economy than predicted.
There are no separate Gross Domestic Product (GDP) figures for Wales. The best guide is using GVA - Gross Value Added - which is in effect GDP minus taxation. There are no separate Gross Domestic Product (GDP) figures for Wales. The best guide is using GVA - Gross Value Added - which is in effect GDP minus taxation and those figures are expected before the end of the year.
Cardiff is the only part of Wales that has GVA above the UK average.Cardiff is the only part of Wales that has GVA above the UK average.
The service sector now accounts for more than three quarters of economic output in the UK.The service sector now accounts for more than three quarters of economic output in the UK.
"In Cardiff and the surrounding areas it's showing signs of being really good," said Mr Parry. The Office for National Statistics (ONS) which produces the GDP figures said there had been a "robust" growth in the service sector - a quarterly increase of 0.7% - but both manufacturing and construction output had shown falls.
Mr Parry said: "In Cardiff and the surrounding areas it's showing signs of being really good.
'More than drinking coffee''More than drinking coffee'
"When you move north and east of Cardiff it's still struggling a little."When you move north and east of Cardiff it's still struggling a little.
"To really get a balanced economy in Wales we need to be doing more than drinking coffee but doing renovations to our homes, decorating, that sort of stuff.""To really get a balanced economy in Wales we need to be doing more than drinking coffee but doing renovations to our homes, decorating, that sort of stuff."
Phil Morris, partner with EJ Hales property agents, said the companies wanting to open restaurants in Cardiff city centre are mainly from London.Phil Morris, partner with EJ Hales property agents, said the companies wanting to open restaurants in Cardiff city centre are mainly from London.
He said Cardiff is now in "tier one" of the cities that London restaurants want to locate to.He said Cardiff is now in "tier one" of the cities that London restaurants want to locate to.
CASE STUDY: A MEXICAN IN CARDIFF'S HOTSPOTCASE STUDY: A MEXICAN IN CARDIFF'S HOTSPOT
Wahaca opened its first Mexican restaurant outside London in Cardiff city centre, serving around 5,000 people a week.Wahaca opened its first Mexican restaurant outside London in Cardiff city centre, serving around 5,000 people a week.
Manager Megan Roberts said: "People in Cardiff are eating and drinking out, it's becoming a social occasion more than going out binge drinking or whatever.Manager Megan Roberts said: "People in Cardiff are eating and drinking out, it's becoming a social occasion more than going out binge drinking or whatever.
"We always hoped it would take off, but never imagined it would be so busy and so successful.""We always hoped it would take off, but never imagined it would be so busy and so successful."
Mr Parry said there were lots of professionals in financial and legal services and students who put a lot into the economy. Robert Peston: No growth without services
Mr Parry said professionals in financial and legal services and students who put a lot into the economy.
"There's good gross income in Cardiff. It's rising as well, not as much as in London and the other big cities but it's growing," he added."There's good gross income in Cardiff. It's rising as well, not as much as in London and the other big cities but it's growing," he added.
"It's a fantastic city - it's big enough to have everything and small enough to get around easily." Wages are picking up and job security is improving in the city but he said Wales' service sector was struggling to pick up as a whole.
Wages are picking up and job security is improving in the city but he said, Wales' service sector was struggling to pick up as a whole.
"The challenge for the sector is to say it's not just about Cardiff but the rest of Wales which is something Ireland did quite well," he said."The challenge for the sector is to say it's not just about Cardiff but the rest of Wales which is something Ireland did quite well," he said.
"In Wales we need to develop a northern powerhouse and a mid Wales powerhouse in the country.""In Wales we need to develop a northern powerhouse and a mid Wales powerhouse in the country."
MANUFACTURING IN MERTHYR
D and M in Merthyr Tydfil employs 25 people making metals used in railings and road building.
'Bubbling'
When the recession hit Welsh manufacturing hard, the firm turned its attention to the service sector in the south east of England, making shelves for supermarkets and bakeries.
Managing director Phil Corke says the supermarket contracts have slowed down but still represent one third of his companies work.
Generally across the UK he thinks the economy is doing reasonably well.
"It was really bubbling a couple of months ago, it's a little bit slower at the moment," he said.
"We're in so many different markets that really something is always up with us. You have to go out there and tell customers what you do and deliver that."