BUSINESS NEWS
How well is our economy performing ?
Paddy Bradley , Chief Executive Officer at the Swindon and Wiltshire Local Enterprise Partnership shares his insight .
Every two to three years , the Swindon and Wiltshire Local Enterprise Partnership carries out an economic assessment of the area . We use the analysis to build the evidence for our future economic development strategy . We also share the details of the assessment on our website .
The Swindon and Wiltshire area contributes around £ 21bn annually to the UK economy . This equates to about 15 per cent of the total contribution from the South West as a whole of £ 144bn . These figures amount to a significant contribution . They provide an estimate of the productivity and output of our economy . Our economy is larger than that of Dorset and Gloucestershire , slightly below that of Oxfordshire , but half the size of the Thames Valley Berkshire area and just over a third of the size of the Enterprise M3 LEP , which covers most of Hampshire and west Surrey .
Over the past five years , we have seen a relatively healthy growth rate of 12 per cent . However , economic output growth has been relatively slow compared with our surrounding LEPs over the past two decades . The rate of our growth has lagged to a degree behind our competitors .
Geographically , economic output is concentrated around towns and population centres around the LEP . Swindon contributes around 45 per cent of the area ’ s economic output at £ 9.6bn , with Wiltshire contributing a larger amount at £ 11.6bn ( 55 per cent ). The top three sectors , which together provide a third of our economic output are manufacturing (£ 2.9bn ), real estate (£ 2.7bn ) and retail and wholesale (£ 2.2bn ).
What works in our favour is productivity improvements , expressed as output per hour worked , which have grown relatively healthily . Arguably , productivity is a more
critical metric of economic performance . Currently , Swindon ’ s productivity is well above the UK average and amongst the highest in the country . Wiltshire ’ s is below the national average . What we have not yet seen is sufficient evidence of economic output increasing in areas away from towns and population centres . From a policy and strategy perspective , it will become increasingly important to us to ensure highly productive sectors of the economy are accessible to all residents . It is our own version of levelling up .
paddy . bradley @ swlep . co . uk 0771 841 951
The top three sectors which together provide a third of our economic output are :
• Manufacturing £ 2.9bn
• Real Estate £ 2.7bn
• Retail & Wholesale £ 2.2bn
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