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GVA: Wales economy adds least gross value added in UK | GVA: Wales economy adds least gross value added in UK |
(about 1 hour later) | |
Wales is still the worst performing part of the UK in terms of money generated by its economy, official figures show. | Wales is still the worst performing part of the UK in terms of money generated by its economy, official figures show. |
The gross value added (GVA) statistics show the value of wages and profits from goods and services produced. | The gross value added (GVA) statistics show the value of wages and profits from goods and services produced. |
The figures show Wales had the UK's lowest GVA per head at £16,893 in 2013 while London had the highest at £40,215. | The figures show Wales had the UK's lowest GVA per head at £16,893 in 2013 while London had the highest at £40,215. |
But Wales and north west England showed the biggest growth at 3.4%. | But Wales and north west England showed the biggest growth at 3.4%. |
The figures were released by the Office for National Statistics (ONS). | The figures were released by the Office for National Statistics (ONS). |
Wales also had the UK's worst performing sub-region - west Wales and the Valleys at £14,763 - and the lowest GVA at local area level, Anglesey with £11,368 per head. | |
That was less than half the figure of the best performing area of Wales - Cardiff and the Vale of Glamorgan with GVA per head of £22,986. | |
The GVA is the value of everything generated by all types of production and is regarded as a good indicator of the strength of the economy. | The GVA is the value of everything generated by all types of production and is regarded as a good indicator of the strength of the economy. |
It is income based, and its value forms part of the UK's calculation for its gross domestic product (GDP). | It is income based, and its value forms part of the UK's calculation for its gross domestic product (GDP). |
Wales does not have its own GDP as it does not collect income tax or VAT separately. | Wales does not have its own GDP as it does not collect income tax or VAT separately. |