Highlights

UK non-financial business economy: 2014 regional results (Annual Business Survey)

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  • In 2014, the income generated by local activity of businesses in the UK, less the cost of goods and services used to create this income was estimated to be £1,091.5 billion. This amount represents the approximate gross value added at basic prices (aGVA) by local activity of the businesses in the UK non-financial business economy.
  • Between 2013 and 2014, aGVA increased by 9.0% (£89.7 billion). This increase is a continuation of the recovery seen between 2009 and 2013. This was due to an increase in turnover combined with a decrease in purchases. The increase in turnover was led by the East of England, whilst the decrease in purchases was mostly seen within London.
  • Ten out of the 12 UK regions saw growth in aGVA between 2013 and 2014, with the highest contribution to overall growth from London, the South East and the North West. The Non-financial service sector has driven the growth in all 3 regions. Scotland and Wales are the only regions showing a decrease in aGVA, with the Production sector contributing the most to the fall in both regions.
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