A Gwent financial services expert says there are many reasons to be cheerful in the current economic circumstances especially here in Wales.

Gerald Davies, executive chairman of Kymin, which is based in Bridge Street, Newport, said: "We seem to hear a lot of gloom in the news these days. But there are reasons to be cheerful.

“Growth is improving as increased demand and low unemployment is helping the economy. In October, according to the Lloyds purchasing managers’ index, growth hit a nine month high. This is a survey of manufacturing and services businesses. Nearly every region in the UK saw growth levels increase.

“The fastest growth came in Wales. Our PMI score rose to 58.6, its highest level in nine months and well above the 50 level which indicates growth. There was an increase in employment as firms responded to higher demand for goods and services.

“Add to this, the fact that inflation did not rise in October, but remained at three per cent, much to the disappointment of the gloomy pundits.

“It is time for us all to look on the bright side. The only people who like gloom are the professional Jeremiahs, otherwise known as economists.”