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Economic Growth


Economic growth is measured here in Gross Value Added (GVA) terms. GVA is the measure of the value of goods and services produced in an area, industry or sector of an economy.

The line chart above shows changes to the total economic output, or size of the Somerset economy over time. Right click to select and view the underlying data in table format.

About the data

In 2016, Somerset’s economy was worth almost £11.4bn in Gross Value Added (GVA) terms. This accounts for almost one third (32.4%) of total economic output for the Heart of the South West LEP area, and approximately 0.7% of national output.

The Somerset economy has grown for the last seven consecutive years in real terms (adjusted for inflation based on 2015 prices) and in total by more than 12% from a low point of just below £10bn in 2009. Average annual economic growth over this period has been roughly 1.9%. This mirrors the trend seen at the national level, where the economy has also grown consecutively from a low point in 2009, and by an average of 1.9% per year.

Prior to 2009 there was a period of contraction in Somerset’s economy by more than 7%, from a high point of just below £10.8bn in 2006. This corresponds with a period of contraction in the national economy following the financial crisis of 2006/7.

Source: Economic Model for Somerset and the Heart of the South West (HotSW) Local Enterprise Partnership, 2018