Regional Gross Value Added (GVA) statistics for 2009 have been published today. They show North East GVA over the year at £40.4bn or £15,621 per head. This is 78.2% of the UK average.
GVA in the region shrank by 1.5% over the year. However, this is the lowest of any English region, with only Scotland experiencing a smaller decrease. This is evidence that the North East economy showed much greater resilience than in previous recessions, although challenges stemming from the fall-out from public spending cuts are still to come.
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