The Office for National Statistics (ONS) released latest estimates of Gross Value Added (Balanced) and Gross Domestic Product from 1998 to 2022 for the regions and sub-regions of the UK, including Northern Ireland on the 24 April 2024.
Regional Gross Value Added (Balanced)
The current GVA (Balanced) and GDP statistical bulletin and data tables were published on the 24 April 2024.
Headline GVA results
- The local economy’s workplace GVA, in chained volume measures, increased by 2.9 per cent in ‘real’ terms from 2021 to 2022, which was lower than the UK increase (4.1 per cent)
- Between 2021 and 2022, all ITL (International Travel) 1 regions experienced an increase in GVA. NI experienced the second smallest increase of the UK’s 12 ITL 1 regions. North East experienced the largest increase at 5.0%.
- NI GVA per head in 2022 increased by 7.7 per cent in current basic prices (to £26,119) between 2021 and 2022, meanwhile the UK increased by 8.8 per cent. The North East, Wales and East Midlands had lower GVA per head than Northern Ireland.
- NI GVA per head was 78.6 per cent of the UK figure.
Headline GDP results
- Provisional estimates indicate that NI’s GDP, in chained volume measures, increased in ‘real’ terms by 3.0 per cent between 2021 to 2022, the increase in overall UK GDP was 4.3 per cent over the same period.
- Between 2021 and 2022, all ITL (International Territorial) 1 regions experienced an increase in annual GDP, continuing the economic recovery following the coronavirus pandemic. Northern Ireland experienced the third smallest growth of the 12 UK ITL 1 regions. Of the ITL regions, London experienced the largest increase in real GDP at 4.9%. Meanwhile, East Midlands had the lowest annual increase in real GDP over the period at 1.8%.
Current publication and tables
- Regional economic activity by gross domestic product, UK - Office for National Statistics (ons.gov.uk)
- Regional gross value added (balanced) per head and income components - Office for National Statistics (ons.gov.uk)
- Regional gross value added (balanced) by industry: all ITL regions - Office for National Statistics
Balanced GVA
Historically ONS compiled estimates of regional gross value added (GVA) using the income approach (as National Statistics) and the production approach (as Experimental Statistics). In this approach ONS have taken the strengths from both approaches and used them to produce a new balanced measure of regional GVA, GVA (B). This will give users a single measure of economic activity within a region, therefore avoiding any confusion from having two different measures of the same thing. As a result, individual bulletins for GVA (I) and GVA (P) have been discontinued.
Contact Details
Evan Elwood
Email: Evan.Elwood@nisra.gov.uk
X: @NISRA