NEW GVA FIGURES SHOW GBSLEP ECONOMY GROWING FASTER THAN THE NATIONAL AVERAGE
The Greater Birmingham & Solihull Local Enterprise Partnership (GBSLEP) is reporting further good news in terms of increased economic growth for the region, following today’s release of the latest GVA figures from the Office of National Statistics (ONS).
The ONS has announced the latest official sub-regional level economic output figures for 2013, which show that the economy grew by 2.5% that year, well above the national figure of 1.6%.
Economic growth in Birmingham was particularly positive with an increase in GVA of 4.2% between 2012 and 2013. This made it the best performing UK core city.
The figures show that economic output for the GBSLEP area in 2013 was £41.3bn. This demonstrates that the GBSLEP and its partners are 23% (£1.9bn) towards meeting their target of achieving a net increase of at least £8.25bn by 2020. While GVA per head was below the national average at £20,969 in 2013, the GBSLEP area is on target to meet its aim of increasing regional GVA per head to achieve the national average by 2020.
This latest news comes on the back of a very strong economic performance across a number of key indicators. Since 2010 businesses in the area have created 43,500 private sector jobs, outperforming the national growth rate and making the GBSLEP region one of the strongest performing LEPs nationally. Additionally, exports are up by almost 30% over the last two years, making this the best performance for any region in the UK.
The GBSLEP is also the top performing English region in terms of attracting inward investment with direct foreign investments being up by 57% at 77 in 2013. Recently Start Up Britain named Birmingham as a ‘start up hotspot’ after the city led the national ranking of the number of start-ups outside of London with 18,337 companies registered in 2014.
Andy Street, GBSLEP chairman, said: “During the last few years, the GBSLEP and its partners have worked hard to put in place initiatives that create the right economic climate to generate the level of confidence and momentum we need to secure long term growth, and prosperity. Today’s announcement is further demonstration that this strategy is bearing fruit.
“All the key indicators are showing that our performance will continue to improve with many high profile projects set to be completed this year. I am therefore confident that the GBSLEP economy is on track to deliver even more growth in the next 12 months.”
The ONS has also revised the 2012 figures and the data now shows the GBSLEP economy growing by 1.3% for the period 2011 – 2012, as opposed to the previously reported figure of a -0.9% fall.
Jerry Blackett, CEO, Greater Birmingham Chambers of Commerce, added: “The high level of growth in productivity within the GBSLEP area is welcome news. There are two areas which are proven to increase productivity, namely improved transport connectivity and a skilled and ambitious workforce. The Chamber is supporting a number of LEP initiatives to improve both, specifically around maximising the positive effect HS2 will have on both regional transport and skills.”
*GVA is the preferred official measure of economic output, it provides a value for the amount of goods and services that have been produced in the economy, less the cost of all inputs and raw materials that are directly attributable to that production.
Real GVA. Date presented is real GVA (2013 prices) which removes the impact of inflation that is present in the normal headline GVA figures and enables the actual economic growth to be identified, removing any change due to price increases
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