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Summary: UK Non-Financial Business Economy, 2012 Regional Results

The Non-Financial Service sector made the largest contribution to aGVA in most UK regions in 2012

Key Points

  • In 2012, 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 £935.7 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.

  • The industrial composition of regions in the UK varies considerably. Wales and Scotland show a similar contribution to their aGVA from both the Non-Financial Service and Production sectors (each around two-fifths of their respective aGVAs in 2012) while other regions such as London have a dominant Non-Financial Service sector (around three-quarters of its aGVA in 2012) with a smaller share of value added being generated from Production and other sectors.

 

 
  • Between 2011 and 2012, aGVA increased by 2.0% (£18.5 billion). This increase is a continuation of the recovery seen between 2009 and 2011 and takes aGVA to a level 2.9% (£26.8 billion) above that seen in 2008, at the start of the recession.

  • Two-thirds of the UK regions saw growth in aGVA between 2011 and 2012, with the highest contribution to overall growth from the South East, the East Midlands and London. The sub-national picture remains mixed, with only 7 of the 12 regions having aGVA above 2008 levels.

  • London, despite a third consecutive year of growth in aGVA, has yet to return to its 2008 level. London’s aGVA increased by 1.5% (£3.1 billion) between 2011 and 2012, with growth in the Non-Financial Service sector of 4.2% (£6.5 billion) being partially offset by a fall in aGVA within the Distribution sector of 15.3% (£3.5 billion).

  • The aGVA for the South East increased by 10.8% (£8.7 billion) between 2011 and 2012, the largest annual growth of any region over this period. The level of aGVA is now 10.0% (£13.8 billion) above its 2008 level, driven by growth in the Non-Financial Service sector which increased by 22.4% (£16.4 billion) between 2008 and 2012.

  • Data for the Insurance & reinsurance industries have been removed from this release following discussions with key users. This experimental series was previously included in the regional results for reference years 2008 to 2011 and covered a small part of the Financial and insurance sector. It has been removed due to ongoing volatility while a more detailed quality assessment is undertaken. As such, results in this release cover the UK Non-Financial Business Economy rather than the UK Business Economy. This does not affect other industries.

 

UK Non-Financial Business Economy, local level aGVA by region/country

UK Non-Financial Business Economy, local level aGVA by region/country
Source: Office for National Statistics

Notes:

  1. Excludes Financial and insurance; Public administration and defence; Public provision of Education; Public provision of Health and all medical and dental practice activities

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Categories: Business and Energy, Production Industries, Primary Production, Manufacturing, Energy Production and Consumption, Water and Sewage, Building and Construction, Services, Retail and Distribution, Business Services, Creative and Leisure Activities, Personal Services
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