This is a short podcast looking at the latest results for Regional Gross Value Added, known as GVA.
GVA is the amount generated by economic activity in an area. It is equivalent to GDP less taxes and subsidies on products.
In order to compare regions of different sizes, we divide this figure by the population to get GVA per head.
To compare regions to the UK average, we then calculate the GVA per head figures as indices with the UK based to 100 for all years.
The following Podcast looks at GVA per head indices displayed as time series charts for the period 1997 to 2012.
Only two regions are above the UK average for 1997 to 2012.
The highest of these is London.
In 1997, London’s index was 164.6. This increased to 174.8 in 2012.
This was the biggest increase of all NUTS one regions between 1997 and 2012.
The other region above the UK average was the South East.
Compared to London, this region was much nearer to the UK average.
The lowest region compared to the UK average was Wales.
In 1997 its index was 73.5. This had decreased to 72.3 in 2012.
Between 1997 and 2000, the index for the North East was around the same level as Wales.
In 1997, its index was 73.1, which was lower than Wales.
From 2001 onwards, the North East index moves upwards away from the Wales index.
This results in its index increasing to 75.6 in 2012.
This is the second largest index increase between 1997 and 2012.
Only London had the bigger increase.
Despite a small increase between 1997 and 1999, overall, the West Midlands saw the largest decrease between 1997 and 2012.
In 1997, its index was 90.7. By 2012 this had decreased to 81.8.
For more information, search for Regional GVA on the ONS website.