The Economic Impact of Brexit

Part of 1. Questions to the Minister for Economy – in the Senedd at 2:04 pm on 13 July 2022.

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Photo of Vaughan Gething Vaughan Gething Labour 2:04, 13 July 2022

The Welsh economy broadly tracks that of the UK quite closely. The UK Government's Office for Budget Responsibility's current estimate is that Brexit has so far reduced UK gross domestic product by about 1.5 per cent, with a further reduction of 2.5 per cent still to come. The European Union will continue to be the UK's closest and most important trading partner, and our ambition should be to have the closest possible, frictionless trade with the EU.