Economic growth in the South West

This briefing provides statistics on key indicators of the South West economy, including on economic growth, employment, unemployment and earnings as well as details of policies and initiatives designed to promote economic growth in the region.

• Economic growth in the South West has been weaker than in the UK as a whole in recent years. In 2017 (the most recent year for which we have data), the South West grew by 1.1% compared with 1.9% for the UK. Growth was also weaker in 2015 and 2016.
• As in the rest of the country, there was relatively strong economic growth in the South West in the decade prior to the financial crisis (1998-2007). Cumulative growth of 13.4% during 2009-2017 was mid-table (7th) in terms of ranking among the UK’s 12 countries and regions, below the UK average of 16.8% (which was boosted by London’s growth of 29.6%).
• The total value of economic output in the South West was £131 billion in 2017. GVA per head was £23,499 – the 7th highest out of the 12 regions and countries of the UK.