The figures announce how much money is generated through goods produced and services delivered, and the North East Chamber of Commerce (NECC) believes the results show the power of the businesses within the region.
Commenting, Jonathan Walker, NECC Head of Policy and Campaigns, said: “The figures released today are extremely positive.
“The North East is doing well, but more must be done to ensure we keep up with, and benefit from, national increases in output and productivity. This remains a key challenge in the region and we must aspire to improve our output per head if we are to achieve our potential.
“Nevertheless, we are the fastest growing northern region and this undoubtedly shows how integral we are to the development of a Northern Powerhouse, something that must be recognised by Government. Every day around the world, there is someone who wants a product or service produced in the North East. We can assist companies to develop trade in the UK and across the world and provide support to build even stronger businesses.”
The regional GVA breakdown shows:
- North East workplace GVA in 2014 was £47.7bn. This is an increase of 3.2% on 2013, lower than the UK level of 4.6%. Leaving aside London and the South East, the average was 3.8%.
- North East workplace based GVA per head was £18,216, the second lowest in the UK. This is a 2.9% increase on 2013 compared to a UK increase of 3.4%.
- Darlington performs best in the North East, with value added per head of £23,745, against a UK average of £24,958;
- In 2014 Gross Value Added (GVA) per head of population increased in all regions. London and Scotland had the largest percentage increases in GVA per head, at 5.3% and 4.2% respectively. Northern Ireland had the smallest percentage increase at 1.9%.
- The North East was the fastest growing Northern region in 2014, with Yorkshire growing at 2.8% and the North West at 2.3%. Outside of London, the North East was the fifth fastest growing region overall.