Gross Domestic Product figures announced for the South West

The Government announced that GDP had grown by 0.8% in the second quarter of 2014, meaning that the UK economy is now 0.2 per cent above its pre-crisis peak in Q1 2008. Today’s figures back the IMF’s assessment yesterday that the UK will be the fastest growing major advanced economy in 2014. The IMF upgraded their 2014 growth forecast for the UK by more than any other major economy.

The Government announced that GDP had grown by 0.8% in the second quarter of 2014, meaning that the UK economy is now 0.2 per cent above its pre-crisis peak in Q1 2008. Today’s figures back the IMF’s assessment yesterday that the UK will be the fastest growing major advanced economy in 2014. The IMF upgraded their 2014 growth forecast for the UK by more than any other major economy.

Chancellor George Osborne said:

“Thanks to the hard work of the British people, today we reach a major milestone in our long term economic plan.

“But there is still a long way to go – the Great Recession was one of the deepest of any major economy and cost Britain six years.

“Now we owe it to hardworking taxpayers not to repeat the mistakes of the past and instead to continue with the plan that is delivering economic security and a brighter future for all.”

Employment and Training

• Employment has increased by 139,356 since 2010, including 4,292 jobs created under the Government’s Regional Growth Fund and 1,037 in the region’s enterprise Zones.

• Provisional figures indicate that more than 95,000 apprenticeships started since 2011-12  

• The number of people taken out of paying tax is now 2.25 million in the South West

Education

• 554 new school academies have opened in the South West since 2010

• State funded schools and academies in the region have been allocated £139.3 million in Pupil Premium payments for 2013-14

• 13 Free Schools are now open in the region

Business

• 85,588 cars were exported from the South West, out of a total of 138,812 produced (2013 - 2014)

• £134m worth of new orders were received for construction infrastructure in the first quarter of 2014.

 

Pete Carr, Deputy Chief Executive, GFirst LEP commented:

“The latest GDP figures show that we’re well on the way to economic recovery.  I’m delighted that Gloucestershire has made a positive contribution to the economic outlook in the South West region – over 5,100 people started an apprenticeship last year and the county has one of the highest rates of employment in the South West. For employment opportunities and GDP output, Gloucestershire is an established base for diverse multi-national and leading businesses ranging from manufacturing, financial services, pharmaceuticals, food technology companies, aerospace and defence manufacturers to highly specialised animation and digital media companies. The recent Growth Deal securing £62.5m from Government will further accelerate economic growth by generating up to £40 million in public and private investment by 2021, with the creation of 5,000 new jobs.”