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) is a somewhat more useful measure as this 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:

  • What the value of the local economy is
  • How fast the local economy is growing

GVA Per Head

1997 2008 2009 Annual Change 2010 Annual Change 2011 Annual Change 2012 Annual Change 2013 Annual Change Change 2009-13 %Change 2009 – 2013 Change 1997-13 %Change 1997-2013
LLEP 13,094 19,262 18,919 -343 19,354 435 19,327 -27 19,752 425 20,195 443 1,276 6.7 7,101 54.2
England 13,630 22,232 21,750 -482 22,555 805 22,795 240 23,475 680 24,091 616 2,341 10.8 10,461 76.7
UK 13,502 22,139 21,604 -535 22,318 714 22,779 461 23,168 389 23,755 587 2,151 10.0 10,253 75.9