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