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Buckinghamshire’s Gross Value Added, 2014 9 December 2015

Buckinghamshire’s gross value added (GVA) rose by 5.1 per cent in 2014 to stand at £14.8bn. This was the 46th highest rate of growth among the UK’s 173 NUTS3 regions and well above the 4.6 per cent recorded across the country as a whole. Buckinghamshire has seen the 28th strongest growth amongst NUTS3 areas over the recession, with output increasing 28.7 per cent from 2007 to 2013, above the national and regional levels but below London’s growth of 33.8 per cent.

At £28,307, Buckinghamshire’s GVA per capita is the 27th highest among the 173 NUTS3 regions in the UK, making it one of only 45 to exceed the national level.

Table 1: GVA and GVA per capita, 2014 (NUTS 3, 2, 1, 0)

Source: Regional Accounts, ONS, 2015

Among NUTS2 areas, Berkshire, Buckinghamshire and Oxfordshire saw GVA rise 4.1 per cent £80.1bn in 2014, below the national rate of increase and ranking only 17th among the UK’s 40 NUTS2 regions. Despite this slow growth, at £34,230the region’s GVA per capita is the 4th highest in the UK behind Inner London West and East and North Eastern Scotland. Only two of the UK’s 12 NUTS1 regions better the national level of GVA per capita, with only three (London, East of England and Scotland) seeing growth above the national level as shown in chart 2. The Greater South East’s share of UK GVA rose for an eighth successive year to reach a record high of 45.9 per cent, with London’s share rising to 22.5 per cent.

In 2014, the largest contribution to Buckinghamshire’s increased GVA came from real estate with an increase of £233m ahead of business service activities (£177m) and construction (£125m) The only sector to see a fall was public administration where output fell by £40m. Manufacturing GVA rose £23m to £960m but remains 15.9 per cent below 2007’s pre-recession peak.

The raw data can be accessed at: http://www.ons.gov.uk/ons/rel/regional-accounts/regional-gross-value-added--income-approach-/december-2015/rft-table-1.xls

The ONS’s bulletin on these data is available at: http://www.ons.gov.uk/ons/rel/regional-accounts/regional-gross-value-added--income-approach-/december-2015/stb-regional-gva-dec-2015.html

£ Rank 2007 (£m) 2014 (£m) % change RankBuckinghamshire CC 28,307 27 11,476 14,774 28.7 28 Milton Keynes 39,709 6 7,484 10,294 37.5 7 Berkshire 38,961 7 28,783 34,506 19.9 77 Oxfordshire 30,485 19 15,470 20,501 32.5 16 Hertfordshire 28,363 26 26,426 32,753 23.9 51 West Northamptonshire 24,492 47 8,185 9,471 15.7 112 Luton 22,377 64 4,450 4,721 6.1 164 Bedford 21,241 76 3,044 3,482 14.4 121 Central Bedfordshire 20,200 87 4,286 5,435 26.8 38 North Northamptonshire 19,785 98 5,513 6,483 17.6 99

Berkshire, Buckinghamshire and Oxfordshire 34,230 4 63,214 80,076 26.7 6 Bedfordshire and Hertfordshire 25,791 8 38,206 46,391 21.4 17 Surrey, East and West Sussex 26,384 7 59,005 74,153 25.7 7 Hampshire and Isle of Wight 25,578 10 40,096 49,611 23.7 11 Leicestershire, Rutland and Northamptonshire 22,005 16 32,580 38,683 18.7 21

South East 27,012 2 191,689 239,698 25.0 2 England 25,367 - 1,120,687 1,377,851 22.9 - United Kingdom 24,616 - 1,331,120 1,618,346 21.6 -

GVA per capita GVA


Chart 1: GVA per capita over time (UK=100 for each year)


Chart 2: % GVA change by sector in Buckinghamshire to 2014


70 80 90 100 110 120 130 140 150 160 170 180

Buckinghamshire CC

Berkshire, Buckinghamshire and Oxfordshire

London

South East

Scotland

East of England

South West

North West

East Midlands

West Midlands

Yorkshire and The Humber

Northern Ireland

North East

Wales

2012

2013

2014

-15 -10 -5 0 5 10 15 20 25 30 35 40

Agriculture, forestry and fishing

Production

Manufacturing

Construction

Distribution; transport; accommodation and food

Information and communication

Financial and insurance activities

Real estate activities

Business service activities

Public administration; education; health

Other services and household activities

All industries

Since 2010

Since 2013


Table 2: Change in GVA by Local Enterprise Partnership ,2012-13

Source: Regional Accounts, 2015, MYPE, ONS, 2014 & 2015

LEP £ Rank GVA 2013 GVA 2014 % change RankLondon 42,666 1 341,003 364,309 6.8 1Hertfordshire 28,370 5 30,790 32,753 6.4 2West of England 27,915 8 29,118 30,826 5.9 3Leicester and Leicestershire 21,769 17 20,706 21,891 5.7 4Greater Cambridge & Greater Peterborough 25,090 10 33,516 35,331 5.4 5Buckinghamshire Thames Valley 28,303 6 14,062 14,774 5.1 6Oxfordshire LEP 30,480 3 19,553 20,501 4.8 7Dorset 21,307 19 15,442 16,189 4.8 8Tees Valley 18,526 34 11,778 12,342 4.8 9South East Midlands 25,961 9 44,163 46,244 4.7 10Worcestershire 19,682 28 10,818 11,327 4.7 11South East 19,787 27 77,500 81,068 4.6 12Sheffield City Region 17,480 37 29,525 30,779 4.2 13Solent 24,996 11 37,869 39,446 4.2 14New Anglia 20,971 21 32,564 33,895 4.1 15Coast to Capital 24,503 12 46,641 48,487 4.0 16D2N2 20,001 26 41,402 42,964 3.8 17Liverpool City Region 18,621 33 27,241 28,257 3.7 18Heart of the South West 19,583 29 32,125 33,320 3.7 19Enterprise M3 29,960 4 48,114 49,875 3.7 20Humber 18,926 31 16,903 17,484 3.4 21Stoke-on-Trent and Staffordshire 18,176 35 19,538 20,197 3.4 22Swindon and Wiltshire 23,454 15 15,870 16,392 3.3 23Cheshire and Warrington 28,267 7 24,986 25,802 3.3 24Greater Manchester 21,001 20 55,592 57,395 3.2 25Greater Lincolnshire 18,984 30 19,513 20,133 3.2 26Gloucestershire 24,343 13 14,433 14,881 3.1 27York and North Yorkshire 20,872 23 23,149 23,859 3.1 28Greater Birmingham and Solihull 20,889 22 40,221 41,438 3.0 29Northamptonshire 22,335 16 15,489 15,954 3.0 30Coventry and Warwickshire 24,247 14 20,933 21,558 3.0 31Cumbria 21,587 18 10,438 10,746 3.0 32Leeds City Region 20,719 24 60,482 62,260 2.9 33The Marches 20,013 25 12,965 13,343 2.9 34Thames Valley Berkshire 38,963 2 33,581 34,506 2.8 35North Eastern 18,112 36 34,419 35,361 2.7 36Black Country 16,712 39 18,909 19,381 2.5 37Lancashire 18,797 32 27,042 27,667 2.3 38Cornwall and the Isles of Scilly 17,279 38 9,405 9,462 0.6 39

England 25,367 1,317,754 1,377,851 4.6

GVA per capita GVA (£m)

buckinghamshire’s gross value added, 2014 9 december 2015 … · buckinghamshire’s gross value...

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