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NW England has fastest economic growth in Britain in 2016

Xinhua, December 15, 2016 Adjust font size:

Northwest England has seen the biggest economic growth this year of any other British region, the Office for National Statistics(ONS) said in a report Thursday.

But London remains Britain's economic powerhouse, with some parts of the capital registering a Gross Value Added (GVA) 20 times the areas with the lowest levels, said ONS.

GVA is a barometer used to show the economic wealth of regions and smaller areas per head of population.

The report shows that the northwest of England's three percent increase this year was the British region with the biggest growth in GVA per head, while the East Midlands's one percent increase had the lowest growth.

The three percent rise took the Northwest England GVA to 21,867 pounds (27,284.23 U.S. dollars).

London (54,437.45 U.S. dollars) was the region with the highest GVA per head, while Wales (22,461.76 U.S. dollars) had the lowest.

Across Britain as a whole the GVA per person is now for 25,601 pounds.

The three local areas with the highest GVA per head were all in London, said ONS. Camden and the City of London (365,406.01 U.S. dollars) has the highest GVA in Britain. Westminster has the second highest of 221,103 pounds and London's Tower Hamlets (122,433.51 U.S.dollars) had the third highest local GVA in Britain.

Across London, the 1.6 percent annual increase in the capital's GVA, was beaten by Belfast's 4.7 percent rise and Edinburgh's 4.5 percent rise, with the Welsh city of Cardiff registering a GVA annual increase of 2.6 percent.

The study also shows that two local areas of Wales have the lowest GVA. The Isle of Anglesey's GVA is 13,411 pounds, and in the Gwent Valleys, it is 13,681 pounds, with North of Northern Ireland's GVA of 13,919 pounds having the third lowest for a local area. Endit