|July 2016||Rate||Change over Quarter||Change over year|
|Q4 2015||Change over quarter||Change over year|
For more information on business performance and confidence in the North East, check out our latest economic survey results
- 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
Key national data
CPI inflation rose to 0.5% in the year to June, up from 0.3% in May
UK GDP in Q2 2016 is estimated to have grown by 0.6%, up from 0.4% in Q1
The MPC voted in August to cut rates to 0.25% and increase quantitative easing to £435bn