South West Economy
To invest appropriately in the development of South West
England, the RDA and its partners need to understand the economy of
the region. This understanding comes at many different
levels. It includes access to key intelligence -
statistics and analysis - about the region’s economy as a
whole, how the region relates to national and international aspects
of development and how the different parts of the region, by place
and by industry, contribute to the whole.
Part of this understanding relates to structure - the
aspects of the economy that are slow to change through time but,
nonetheless, are crucial to our appreciation of what drives
productivity and prosperity across the region and where we should
look for improvements.
Part of this understanding relates to cycles - the trends in
economic performance that vary year-by-year and often underpin
current optimism or pessimism about the future and about what the
region needs to do to progress.
According to latest figures, the regional economy was worth
£97.8 billion in 2008 - 7.8% of the total UK economy. This was a
nominal increase of 3.7% on the 2007 value. GVA per head was
£18,782 in the same year. The Gloucestershire, Wiltshire and North
Somerset (GWNS) area continued to contribute the majority of
regional output - 53% in total.
In 2009, the median gross weekly earnings for full-time workers
in the region was £454.
The Economics and Evidence team at the RDA provides a range of
reports, briefings, data sources, research and other
intelligence. These help everyone interested in the
development of South West England to talk and act from a position
of shared understanding on all these issues.