The Welsh Economy: in numbers

The Welsh economy is performing reasonably well over the medium term compared to many other parts of the UK and is materially improving the well-being of citizens in Wales, according to a new website launched today.

‘Welsh Economy: in numbers’ provides a high level, easily accessible, broad picture of the Welsh economy and economic outcomes in Wales.  It brings together for the first time a rounded picture of economic performance for eight key indicators – over time and in comparison with other parts of the UK.

The ‘Welsh Economy:  in numbers’ statistics are focused around individuals in Wales and are presented in four main themes:  Income, Output, Work and Poverty and Wealth.

The statistics confirm that Wales has kept pace with changes in the UK economy over the medium term across a range of indicators.  They show that:

• since devolution, incomes and output in Wales have increased at a faster rate than most other UK countries and regions, with average earnings increasing by half;
• the gap in employment and inactivity rates between 1999 and the year ending March 2015 have narrowed considerably;
• Gross Disposable Household Income is growing at a faster rate than the UK; and
• average household wealth in Wales is greater than in five English regions and Scotland, and only below the regions of East, South East, South West and London.  Since 2006/08 wealth increased in Wales by 4.2%.

Finance and Government Business Minister Jane Hutt said:

“This new website is a fantastic resource, bringing together for the first time a series of indicators to provide a transparent and balanced picture of the Welsh Economy. It confirms that the economy is performing well and crucially is materially improving the well-being of citizens in Wales.

“GVA per head is growing faster in Wales than in many other parts of the UK including London, demonstrating the confidence of the private sector here working in tandem with government.  We have also just recorded the best inward investment figures for decades – investors know that they can rely on a supportive, agile Government and a skilled workforce.

“We are a pro-business Government, working closely with companies to create jobs and growth in all parts of Wales.  Today’s statistics show that our economic policies are working and making a real difference to the lives of people across the country. We must now build on this to ensure Wales remains a great place to live, work and do business.”