Wednesday, January 29, 2020

News: Continued growth for Rotherham economy


Rotherham's £4.7 billion a year economy is continuing to grow, but at a slower rate than in previous quarters.

Consistently near the top of the UK Powerhouse rankings for GVA growth, the year on year growth rate in Q3 2019 (October, November, December) for Rotherham was 0.9%, meaning that the borough slipped down the rankings to 37th.

The UK Powerhouse study is produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr) and provides an estimate of GVA growth and job creation within 46 of the UK's largest cities at least 12 months ahead of the Government's official figures. It uses a range of more timely indicators to create a "nowcast" of GVA and employment for a range of key cities across the UK.

GVA, or Growth Value Added, is the increase in the value of the economy due to the production of goods and services. It is widely recognised by Government and policy makers as a measure of local economies.


Previously the fastest growing economy in Yorkshire and the North of England with growth rates over 1%, Rotherham has been overtaken by Doncaster (ranked 30th at 1.0% year on year growth), York (31st, 1.0%), Wakefield (32nd, 1.0%), Leeds (33rd, 1.0%) and Sheffield (35th, 0.9%).

Predictions for the year ahead are also included with Rotherham's economy expected to continue to grow by 0.7% in Q4 of 2020, ranked 33rd in the study.

Between Q3 2019 and Q4 2020, growth is expected to slow for nearly all of the 46 UK Powerhouse cities. The simple average annual growth rate across them was 1.2% in Q3 2019, but this is expected to be just 0.9% in Q4 2020.

The study also looks at jobs and ranks Rotherham at 27th with an employment level of 106,600 an increase of 0.9% on the previous year. looking ahead to Q4 of 2020, Rotherham is ranked 23rd with an employment level of 107,800, an increase of 0.8%.

Irwin Mitchell website
CEBR website



Supported by:
More news...

  © Blogger template Newspaper III by 2008

Back to TOP