Regional and local economic growth statistics
Published Tuesday, March 15, 2016
Statistics on the size of regional/country and local economies, recent economic growth in these areas, their contribution to total UK economic output, and comparisons of their living standards.
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This briefing paper provides an overview of annual statistics on the economies of the UK’s regions/countries and local areas. There is analysis of recent economic growth rates, for 2014 as well as since 2010, and 1997. In addition to overall growth rates, figures for economic output per head are included (including in two maps at the back of the briefing) to provide rough comparisons of living standards by local areas.
Economic output here is measured using Gross Value Added (GVA), which is similar to GDP. Growth figures are not adjusted for inflation. Some key figures:
- In 2014, London’s GVA of £364 billion accounted for 22.9% of UK GVA (£1,590 billion), with the South East contributing a further 15.1%.
- London saw the highest annual growth in 2014 of 6.8%, compared with the UK figure of 4.4%. The lowest rate of growth was seen in Wales at 2.4%.
- From 2010 to 2014, London saw the fastest growth at 24.0%, followed by the South East at 16.6%. Slowest growth was in Northern Ireland (10.2%) and Yorkshire & the Humber (10.7%). The UK average was 16.0%.
- London has the highest GVA per head, 73% above the UK average and more than double that of seven of the remaining 11 regions and countries of the UK.
- The top 5 local areas with the highest GVA per head are in (mostly central) London. This at least in part reflects the large numbers of commuters who work there.
- Between 2010 and 2014, Ealing (+29%), followed by Wandsworth, Redbridge and Waltham Forest, and Hounslow and Richmond upon Thames (all +23%) had the biggest increases in GVA per head. The only two areas which saw falls were Liverpool (-1%) and Nottingham (-3%). Overall change in UK GVA per head over this time was +12%.
Local growth data
A spreadsheet containing information on 2014 GVA per head and how its changed since 2010 for the local area of your choice (along with the region/country it is in and the UK) is also available from the accompanying Excel file.
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