The North East Chamber of Commerce has welcomed new figures which show growth of the value of workplace-based goods and services produced in the North East was 1.7% last year – ahead of the national average – showing the region is coming in line with the rest of the UK.
The Regional Gross Value Added (GVA) estimates for 2012 have been published by the ONS showing North East workplace-based GVA in 2012 was £41.87bn, an increase of 1.7% on 2011 compared to a UK increase of 1.6%. The NECC said the statistics prove the region can deliver, with Government support.
Director of policy Ross Smith, said: “The North East saw growth well above the national average, which is a good indicator that we are catching up with the rest of the UK after some incredibly tough years.
“For our businesses to accomplish this growth when our region has suffered more than most through public sector cuts is a fantastic achievement and our own Quarterly Economic Surveys suggest this positive trend has improved further throughout 2013.
“For a long time NECC has called for more support for us to realise our undoubted economic potential and contribute more to UK Plc. This is evidence that if we receive that backing from the Government we will deliver. With the major infrastructure projects planned across the region over the next two years, I can only see us closing the gap between ourselves and the rest of the UK even more.”
Broken down within the region, Tees Valley and Durham’s workplace-based GVA last year was £17.3bn and Northumberland and Tyne & Wear’s was £24.5bn. Elsewhere around the UK the South East saw the highest increase at 3.3% with the East Midlands lowest with no growth.
North East workplace-based GVA per head was £16,091, compared to an England average of £21,937 and UK average of £21,295.
This is a 1.4% increase on 2011 compared to a UK increase of 1.0% and England increase of 1.1%.
Within figures based on residence and not workplace, Tyneside had the highest growth of 2.1%,with GVA per head topping £19,286, compared to last year’s figure of £18,893. Sunderland and South Teesside GVA per head grew by 1.1%, hitting £16,978 and £14,698 respectively.