About the data
Total output in Devon has grown by 19% between 2012 and 2016 as the economy recovered from the financial crisis is now worth £16.25bn, nearly £2bn more than Bristol and 47% of the Heart of the South West Lcoal Enterprise Partnership (Devon, Somerset, Plymouth, Torbay) output. Driven by extensive job creation over the last few years, the increases in Gross Value Added have not improved productivity, which as measured by GVA per hour remains 18% below the national level; a gap that is wider than it was a decade ago. Between 2015 and 2016 the output gap closed slightly as real productivity in Devon (including Plymouth and Torbay) increased by 2.2% one of the biggest rises in the UK.
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: August 2018