This dataset gives Gross Value Added (GVA) figures for UK regions, they include revisions to the figures published for the period 1997 to 2013 in December 2014.
Data collection and calculation
The dataset provides a breakdown of workplace-based regional GVA into the components of compensation of employees, other and total. Three different measures are available for each component, namely the GVA amounts in £ million, GVA per head and GVA per head indexed to UK = 100. Regional GVA is calculated at current basic prices using the income approach. This approach: Adds up all the income earned by resident individuals or corporations in the production of goods and services and is therefore the sum of uses in the generation of income account for the total economy (or alternatively the sum of primary incomes distributed by resident producer units) (National Accounts Concepts, Sources and Methods p206).
Figures are rounded and so there may be some apparent slight discrepancies between the sum of constituent items and the totals as shown.
Statistical quality
Under the European System of Accounts 1995 (ESA95), the term Gross Value Added (GVA) is used to denote estimates that were previously known as Gross Domestic Product (GDP) at basic prices. Under ESA95 the term GDP denotes GVA plus taxes (less subsidies) on products i.e. at market prices. Regional Accounts publish figures at basic prices so have adopted the term GVA rather than GDP. Regional GVA is measured in current prices, which means that increases over time reflect inflation as well as real growth. Trends in total or per head GVA cannot be analysed easily without deflating the data. However, there are no regional price indices that could be used to remove the effect of inflation from the figures. Comparison of trends can therefore be based either on the difference between regional increases at current prices or on movements relative to the UK average. Both approaches would be misleading if the rate of inflation in any region were different from the UK average. Estimates of regional GVA at basic prices presented here are consistent with the 2015 edition of UK National Accounts - The Blue Book.
Gross Value Added by area and component
