About the data
Total output in Devon has grown by 14.7% between 2013 and 2017 as the economy recovered from the financial crisis. Total GVA is now worth £16.61bn, nearly £2bn more than Bristol and 47% of the output of the Heart of the South West Lcoal Enterprise Partnership (Devon, Somerset, Plymouth, Torbay).
Exeter has seen sharp increases in total GVA, growing by almost 18% since 2014. Other districts that have seen a rise in GVA are Mid Devon and East Devon. All districts with large increases in GVA have seen steady increases in the number of businesses over the same period, which will likely be a contributing factor to the higher output.
Although 16.8% below the national level, productivity in Devon is finally rising. Since 2012 the gap has been shrinking year-on-year, and real productivity has risen by 2.5%. This is a greater increase than what was seen in Cornwall, Bristol and Wiltshire.
Despite this, productivity remains one of the biggest challenges facing the local economy and there is a long way to go to close the gap with the national average. Per head output in Devon is £20,843, again lower than the national average. Though this masks differences between the districts; with output in Exeter £31,446 higher than the national average and just under twice that of Torridge at £16,094. These differences provide another indication of the impacts of peripherality and productivity on output within the economy. With a fully employed labour market, further increases in GVA are going to have to come from innovation and investment.
Last Updated: March 2019