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.
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: