Gross Value Added (UK=100) by area and year
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Title
Gross Value Added (GVA) by Welsh economic regionLast update
1 May 2024Next update
To be announcedPublishing organisation
Welsh GovernmentSource 1
Regional Accounts, Office for National StatisticsContact email
economic.stats@gov.walesDesignation
National StatisticsLowest level of geographical disaggregation
EU NUTS3 regionsGeographical coverage
WalesLanguages covered
English and WelshData licensing
You may use and re-use this data free of charge in any format or medium, under the terms of the Open Government License - see http://www.nationalarchives.gov.uk/doc/open-government-licenceStatistical 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.
General description
Data for 2022 are provisional and previous years data have been revised.The dataset provides a breakdown of total workplace-based GVA for the Welsh economic regions. 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.
Data collection and calculation
Regional GVA is calculated at current basic prices using the balanced approach. In 2017, the ONS used both the Income and the Production approach, to produce a single estimate of GVA known as the balanced (GVA (B)) approach. More details on how this has been developed and calculated can be found in their consultation response, which Knowledge and Analytical Services contributed to.Data using the income approach is still available. 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).
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 2017 edition of UK National Accounts - The Blue Book.
The economic regions, as set out in Welsh Government’s Economic Action Plan, are made up of the following local authorities:
Mid and South West Wales: Pembrokeshire, Carmarthenshire, Swansea, Neath Port Talbot, Powys and Ceredigion.
South East Wales: Bridgend, The Vale of Glamorgan, Cardiff, Rhondda Cynon Taff, Merthyr Tydfil, Caerphilly, Blaenau Gwent, Torfaen, Monmouthshire and Newport.
North Wales: Isle of Anglesey, Gwynedd, Conwy, Denbighshire, Flintshire and Wrexham.
The region of Mid & South West Wales was formerly split into the following two economic regions:
Mid Wales: Powys and Ceredigion.
South West Wales: Pembrokeshire, Carmarthenshire, Swansea and Neath Port Talbot.
Within this previous split of the Welsh economic regions, part of Gwynedd local authority (the former district of Meirionydd) lay in the Mid Wales economic region, although this is not represented in the data.
