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Growth & Productivity

 

Boosting the economic prosperity and wellbeing of Somerset’s residents is a key priority for Somerset County Council.

In total Gross Value Added (GVA) terms, the Somerset economy has grown by approximately 2% since 2018 after a period of contraction following the financial crisis of 2006/7 and the subsequent economic downturn.

With already high levels of employment, it is increasingly recognised that future growth needs to be achieved through boosting productivity. Yet productivity remains broadly the same as it was 10 years ago and notably lower than the national average.

In simple terms, productivity figures help us to understand the scope for raising living standards and competitiveness in our economy. Moreover, it has become central to formulating and assessing government policy.

£12.1bn
Size of Somerset Economy (GVA balanced 2019 Provisional)
£28.23
Productivity (GVA per hour worked, 2019)
243,000
Number in Employment (BRES Employment Count 2020)