Somerset Economic Assessment
State of the Somerset Economy 2016:
Technical Evidence Base
The State of the Somerset Economy: Technical Evidence Base presents key economic data and analysis to enable understanding of the County’s strengths, weaknesses and economic performance. It is intended to be used in conjunction with other intelligence to inform a full economic assessment during 2016.
Key facts include:
- The credit crunch caused Somerset’s GVA to contract by 4.6% between 2007 and 2010. However, since 2012 the Somerset economy has been growing at a faster rate than the UK.
- In 2014, the Somerset economy was worth £9.586 billion, an increase of 3.2% since 2013. Without policy intervention, by 2030, the Somerset economy is expected to be worth £13.892bn; a growth of 44.9% from its 2014 level.
- The majority of Somerset’s GVA (£6.7bn in 2014) is generated by service-based industries. Production and manufacturing play a greater role in the County than at a national level.
- Somerset has a higher employment rate than the UK overall (78.5% compared to 72.6%) and higher levels of self-employment than the UK (17.5% compared to 14.7%). The proportion of people in the County who are self-employed has increased by 20% since 2009.
- According to ONS data, in 2014 there were 22,370 businesses in Somerset, an increase of 2.3% on the previous year. Somerset’s economy is predominantly made up of small businesses. 76.3% of the County’s businesses have fewer than 5 employees and a further 13% have 5-9 employees. Somerset performs well in terms of business density, with 42 businesses per 1,000 population, compared to 36 nationally.
- Average earnings in Somerset are consistently lower than the UK level but gross disposable household income is approximately 2% higher.
The report can be downloaded, by individual themed chapter, or in full, below:
Regularly updated headline economic data is available through a range of Economic Factsheets
Previous Economic Assessments: