Regional gross value added (GVA) estimates for 2008 indicate the West Midlands produced below average growth

Office for National StatisticsThe 2008 Regional and 2007 Sub-Regional Gross Value Added (GVA) data (PDF, 143kb) are released today by the Office for National Statistics.

Indexed GVA per head (where UK=100) for the West Midlands in 2008 was 85.1, a marginal decrease from the revised 2007 index value of 85.4.

GVA per head in the West Midlands rose from £17,000 in 2007 to £17,500 in 2008, an increase of 2.5% compared to a 2.9% increase in GVA per head across the UK, and a 2.7% increase in England.

In the latest data for 2008 the West Midlands GVA per head is ranked seventh amongst the nine English regions. London is the strongest performer at £34,800 and the North East is the least strong at £15,900.

In total, regional GVA for the West Midlands in 2008 was £94.5bn, an increase of £2.8bn on the revised figures for 2007.

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West Midlands ‘output gap’ has risen to £15bn

State of the Region 2009The West Midlands’ economy is less productive than the national average, and the gap is growing, according to new research released by the West Midlands Regional Observatory.

In the 2009 ‘State of the Region’ report, the Observatory has revealed that compared to the UK average, the economic output gap of the West Midlands – caused by the region’s lower economic output per head of population – has risen from a figure of £10 billion in 2005 to a current estimate of £15 billion.
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