Insights into the Welsh Economy with Dr Thomas Nicholls
5 December 2025
On November 4, the Wales Forum of the Productivity Institute hosted a high-profile event examining the nation’s economic prospects at Cardiff Business School.
The event featured insights from Dr Thomas Nicholls, Chief Economist at the Welsh Government, who presented key findings from the Wales Economic and Fiscal Report 2025 and outlined the economic and fiscal context for the 2026/27 draft budget. His analysis highlighted key trends in economic output, productivity, household living standards and the labour market.
Joining the discussion were Professor Melanie Jones, Head of Economics at Cardiff Business School and Productivity Institute Wales Productivity Forum lead, and Professor Max Munday, Director of the Welsh Economy Research Unit. The discussion underlined the pressures facing public finances and the need for productivity growth. Together, the speakers explored how Wales can navigate economic uncertainty and strengthen resilience in the years ahead.
The event was chaired by Robert Lloyd Griffiths, Wales Director for ICAEW and Wales Productivity Forum Chair.
The report provides a hugely important reference point on the state of the Welsh economy and its implications for the Welsh Government Budget. It was great to have Thomas present this year’s findings at Cardiff University. Our collaboration with economists at the Welsh Government is hugely important to Cardiff University. It supports our research on the Welsh economy and provides important opportunities to enhance the student experience and our outreach programme, Discover Economics.
Dr Thomas Nicholls said:
"It was a pleasure to present the Wales Economic and Fiscal Report 2025 at Cardiff Business School and engage with academics and stakeholders on the economic challenges and opportunities facing Wales. The report provides crucial analysis of our economic position, from productivity trends to household living standards, which informs our budgetary decisions and policy priorities.
Our collaboration with the Productivity Institute's Wales Forum and colleagues at Cardiff University is highly valued and continues to strengthen. These partnerships enable us to develop more evidence-based approaches to the pressing economic questions we face, particularly around strengthening productivity and building resilience in uncertain times. I'm grateful to everyone who participated in what was a thought-provoking discussion about Wales's economic future."
The report and presentation from Dr Nicholls revealed much about the wider macroeconomic context in which the Welsh economy is placed and the challenges that the local economy is facing, not least in terms of improving productivity growth.
A recording of the event is available on the Cardiff Business School YouTube channel. The Wales Economic and Fiscal Report 2025 is available on the Welsh Government website.
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