Region’s gross value added reaches average

The North East economy’s gross value added (GVA), a measure of productivity, hit the national average in the first quarter of this year, according to figures published today by the Office for National Statistics (ONS).

GVA in the region rose by 0.8% between January and March, the same as in Yorkshire & the Humber and the South West. London had the biggest increase of 1.2% and the West Midlands the lowest of 0.5%.

Rises and falls in GVA have been erratic since the start of the pandemic. In the North East the figure fell be a dramatic 19% in the second quarter of 2020 then rose again by 14.6 in the third quarter.

The numbers have, however, been rather more stable both regionally and nationally in the past three quarters. The North East figure in the final quarter of 2021 was 0.9%, the second lowest in the UK ahead of the North West.