A report into historic and projected future performance of productivity and output in Devon.
GVA (Gross Value Added – a measure of economic output) has been rising since 2011 and now stands at £16.61bn, nearly £2bn more than Bristol and 47% of the output of the Heart of the South West Local Enterprise Partnership (Devon, Somerset, Plymouth & Torbay). Increases in output over the last 5 years have been driven by job creation rather than innovation and efficiency, and consequently GVA per hour, which measures productivity, is 16.8% below the national level.
However, since 2012 the productivity gap has been shrinking year-on-year, with Devon County seeing real productivity rising by 2.5%. This is a greater increase than seen in Cornwall, Bristol and Wiltshire.
Public Administration, Education & Health is the biggest industry in Devon with an output of over £3.5bn, followed by Distribution, Transport, Accommodation and Food at £3.17bn. Whilst output is high in these sectors and they employ large proportions of the labour force, productivity is lower than in other sectors. Conversely the smallest sector by output in Devon, Finance and Insurance at £257m, is one of the most productive industries.