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| Version 1 | Version 2 |
|---|---|
| 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 came as GDP figures for the UK showed a slower growth for the economy than predicted. | 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 and those figures are expected before the end of the year. | 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. |
| 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. | 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. | 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 STUDIES: MEXICANS 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." |
| Tortilla's UK managing director Richard Morris opened up a Cardiff restaurant at the start of the Rugby World Cup. | |
| "We're growing every day and every weekend," he said. | |
| He said choosing Cardiff was a "no brainer" given the numbers of office workers and students. | |
| But he said the sector was already moving to cities like Swansea too. | |
| Robert Peston: No growth without services | Robert Peston: No growth without services |
| Mr Parry said professionals in financial and legal services and students who put a lot into the economy. | 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. |
| 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 | MANUFACTURING IN MERTHYR |
| D and M in Merthyr Tydfil employs 25 people making metals used in railings and road building. | D and M in Merthyr Tydfil employs 25 people making metals used in railings and road building. |
| 'Bubbling' | '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. | 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. | 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. | 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. | "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." | "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." |