Economic Context

Gross Value Added

GVA (Gross Value Added) provides a measure of the value added to materials and other inputs in the production of goods and services. In other words it measures the contribution to an economy of all activities which produce goods or services.  Whilst GVA measures the total size of an economy, GVA per head (i.e. GVA per head of resident population) gives an indication as to average size of economy per person and also enables comparison across countries and regions.  In broad terms GVA is created by working people and is quantified in terms of wages and company profits.

Here, we look at:

  • The value of the economy per person.
  • The total value of the local economy.

GVA Per Head

The table below provides an understanding of GVA per head.

Of the areas identified GVA per head in North West Leicestershire is the highest (£30,172).

North West Leicestershire also saw the highest growth over the period 2011 to 2016 (27.7%). This is 11.1 percentage points higher than the England average (16.6%).

Oadby and Wigston saw growth of 7.2%.

LA name 2011 2012 2013 2014 2015 2016 Growth % Growth
Leicester 18896 19858 20223 21123 22466 22233 3337 17.7
Blaby 23161 24403 25452 27102 27301 27725 4564 19.7
Charnwood 16684 17119 17414 18561 18466 18712 2028 12.2
Harborough 20322 20551 21028 22095 22303 22372 2050 10.1
Hinckley & Bosworth 19146 20441 20670 21987 22180 22666 3520 18.4
Melton 21272 21732 22841 22722 24192 24260 2988 14.0
North West Leics 23623 25372 26131 27872 30258 30172 6549 27.7
Oadby & Wigston 15485 15252 14707 14646 15745 16599 1114 7.2
England 23239 23927 24700 25772 26365 27108 3869 16.6

 

Total GVA

In the LLEP Area in 2016 total GVA was nearly 23.5 billion pounds.

In the City total GVA in 2016 was nearly 8 billion pounds and in the County nearly 16 billion.

Over the period 2011 to 2016 there was growth of 4.3 billion pounds or 22.9%.

The largest growth in LLEP area was is the North West Leicestershire district.

LA name 2011 2012 2013 2014 2015 2016 Growth % Growth
Leicester 6229 6585 6751 7132 7697 7745 1516 24.3
Blaby 2180 2308 2420 2598 2636 2709 529 24.3
Charnwood 2767 2889 2972 3221 3263 3357 590 21.3
Harborough 1742 1775 1839 1945 1991 2023 281 16.1
Hinckley & Bosworth 2017 2168 2204 2368 2412 2496 479 23.7
Melton 1074 1103 1161 1158 1232 1234 160 14.9
North West Leics 2213 2385 2478 2672 2942 2976 763 34.5
Oadby & Wigston 867 856 825 819 879 927 60 6.9
Leicestershire 12860 13484 13899 14781 15355 15722 2862 22.3
LLEP Area 19089 20069 20650 21913 23052 23467 4378 22.9
England        1,234,181        1,279,944        1,330,463        1,399,833        1,444,462        1,498,221 264040 21.4