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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

The latest GVA data for Somerset contained in the chart above are the most recent available as provided by the ONS regional gross value added dataset. Due to statistical reporting lags for local granular level data, this dataset only runs to 2019, thereby excluding the effects of the economic downturn precipitated by the COVID-19 pandemic.

Despite this lack of ‘hard’ data, economic modelling forecasts Somerset’s GVA to shrink significantly in 2020, particularly in Q2, before rebounding again in 2021 to just below pre-crisis levels.

For estimates of national GDP impact, please consult the UK GDP page. 

For consideration of local labour market impacts at the Somerset level, please consult the Somerset COVID-19 Bulletin.

In 2019, Somerset’s economy was worth almost £12.1bn in Gross Value Added (GVA) terms. This accounts for almost one third (31.8%) of total economic output for the Heart of the South West LEP area, and approximately 0.6% of national output.

The Somerset economy has grown for the last seven consecutive years. The average annual economic growth over this period has been roughly 3.5%. The trend seen at the national level, where the economy has also grown consecutively from a low point in 2009, with an average of 3.7% per year.

Source: ONS, Regional Gross Value Added (balanced), 2019