The Economy of the South West

The economy of the South West of England has grown steadily over the past two decades. The region contributes nearly 8% towards the National Gross Value Added and regional GVA growth has consistently out-performed the UK average.  
 
Employment growth in the region has also outstripped that of the country as a whole. Between 1996 and 2006 the region netted an additional 330,000 jobs.

Within the South West Region

The South West is marked by its economic diversity. The West of England (the former county of Avon) contributes one quarter of the region's GVA. Cornwall contributes around 7%. In terms of economic performance, the more urban sub-regions - West of England, Gloucestershire, Swindon and Bournemouth and Poole - as well as Cornwall have experienced the highest rates of GVA growth. Growth is slower in the counties of Devon, Dorset and Wiltshire.

Business Performance

According to the Office for National Statistics, there are almost 240,000 business sites in the South West, though the figures substantially underestimate large numbers of small businesses located within the region. The majority of businesses employ less than 10 people though two-fifths of jobs are in organisations employing more than 100 people  
 
Compared to other regions, the South West hosts a relatively small number of large companies. Business formation rates in the South West are slightly less than the national average but the region has above-average business survival rates.  
 
The South West has a relatively skilled workforce with education attainment levels among the highest in the country.  
 
The South West Regional Observatory's State of the South West 2007 provides more detailed information on the state of the economy of the South West of England.