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In addition to our own research, The Chamber monitors key statistics and publications on the health of the regional economy

 

Labour market

July 2016RateChange over QuarterChange over year
Employment1,205,00070.9%+7,000+36,000
Unemployment96,0007.4%-8,000-2,000
Claimant count49,2004.0%

Source: ONS Regional Labour Market Statistics

International trade

Q4 2015Change over quarterChange over year
Exports£2.92bn-1.9%-7.2%
Imports£2.39bn+15.7%-0.9%
In Q3 2015 the number of North East exporters was down slightly at 1,050

Source: UK Trade Info Regional Trade Statistics

Business confidence

For more information on business performance and confidence in the North East, check out our latest economic survey results

Regional productivity

  • North East workplace GVA in 2014 was £47.7bn. This is an increase of 3.2% on 2013, lower than the UK level of 4.6%. Leaving aside London and the South East, the average was 3.8%.
  • North East workplace based GVA per head was £18,216, the second lowest in the UK. This is a 2.9% increase on 2013 compared to a UK increase of 3.4%.
  • Darlington performs best in the North East, with value added per head of £23,745, against a UK average of £24,958;
  • In 2014 Gross Value Added (GVA) per head of population increased in all regions. London and Scotland had the largest percentage increases in GVA per head, at 5.3% and 4.2% respectively. Northern Ireland had the smallest percentage increase at 1.9%.
  • The North East was the fastest growing Northern region in 2014, with Yorkshire growing at 2.8% and the North West at 2.3%. Outside of London, the North East was the fifth fastest growing region overall

Source: ONS Regional Gross Value Added

Key national data

Inflation

CPI inflation rose to 0.5% in the year to June, up from 0.3% in May

GDP

UK GDP in Q2 2016 is estimated to have grown by 0.6%, up from 0.4% in Q1

Interest rates

The MPC voted in August to cut rates to 0.25% and increase quantitative easing to £435bn