Liverpool City Region is one of England’s fastest growing regional economies, according to new Government data.
Latest Regional Accounts published by the Office for National Statistics (ONS) show a growth rate of 2.3% over the last year and place the City Region above the UK average economic growth rate and above all its comparator areas apart from Greater Manchester.
Analysis of the figures by the Liverpool City Region Local Enterprise Partnership (LEP) show that Gross Value Added (GVA) growth in the City Region has accelerated over the last five years. A growth rate of 10.6% is higher than the national average over the same period and higher than all comparator areas.
In 2012, the economy of Liverpool City Region was estimated to be worth £25.3bn. Total GVA of the City Region, relative to its population equated to a GVA per capita figure of £16,753 compared to a UK average of £21,295.
The City Region has also improved its GVA per capita performance relative to the national average, moving from 78.0% in 2011 to 78.7% in 2012. Over the last year, per capita growth in the City Region outstripped all comparator areas apart from Greater Manchester, and was significantly above all comparator areas over the period 2007-2012.
Commenting on the figures, Liverpool City Region LEP Chair Robert Hough said:”These figures underline the progress being made to deliver sustainable economic growth in Liverpool City Region. In the five years from 2007 to 2012, our performance has been especially strong with GVA per capita growth of 9%. For example, In the same period, Greater Manchester’s figure was just 2.2% and in the West Midlands GVA per capita growth during those five years was just 0.3%.”
He added: “Much remains to be done to close the economic gap. The areas we have identified for further growth across the region’s key sectors provide us with the opportunity to maintain this momentum in 2014.”
City Region growth has been driven by an increase in output across a number of sectors including: Manufacturing (27.3%), Real Estate (23.4%), Wholesale & Retail (7.7%), Health (11.7%) and transport & Storage (8.8%).
The City Region economy is £25.3bn, half of that of Greater Manchester (£51.0bn) and below many other City Regions including West Midlands (£49.4bn) and West Yorkshire (£42.9bn). City Region GVA per capita of £16,753 remains below most comparator areas
A summary of the ONS data can be downloaded here