The North East is the fastest growing northern region according to the gross value added (GVA) figures for 2014, released today (Wednesday, December 9) by the Office for National Statistics (ONS).
The figures announce how much money is generated through goods produced and services delivered, and the North East Chamber of Commerce (NECC) believes the results show the power of the businesses within the region.
Commenting, Jonathan Walker, NECC head of policy and campaigns, said: “The figures released today are extremely positive.
“The North East is doing well, but more must be done to ensure we keep up with, and benefit from, national increases in output and productivity. This remains a key challenge in the region and we must aspire to improve our output per head if we are to achieve our potential.
“Nevertheless, we are the fastest growing northern region and this undoubtedly shows how integral we are to the development of a Northern Powerhouse, something that must be recognised by Government. Every day around the world, there is someone who wants a product or service produced in the North East. We can assist companies to develop trade in the UK and across the world and provide support to build even stronger businesses.”
The regional GVA breakdown shows:
· East workplace GVA in 2014 was £47.7bn. This is an increase of 3.2 per cent on 2013, lower than the UK level of 4.6%. Leaving aside London and the South East, the average was 3.8 per cent.
· North East workplace based GVA per head was £18,216, the second lowest in the UK. This is a 2.9 per cent increase on 2013 compared to a UK increase of 3.4 per cent.
· Darlington performs best in the North East, with value added per head of £23,745, against a UK average of £24,958;
· In 2014 Gross Value Added (GVA) per head of population increased in all regions. London and Scotland had the largest percentage increases in GVA per head, at 5.3 per cent and 4.2 per cent respectively. Northern Ireland had the smallest percentage increase at 1.9 per cent.
· The North East was the fastest growing Northern region in 2014, with Yorkshire growing at 2.8 per cent and the North West at 2.3 per cent. Outside of London, the North East was the fifth fastest growing region overall.