Regional gross domestic product: 1998 to 2022

Data produced by the Office for National Statistics (ONS), which show estimates of economic output.

Gross Domestic Product (GDP)

In 2022, GDP in Wales was estimated at £85.4 billion, in current prices. GDP in Wales increased by 3.8% between 2021 and 2022 in chained volume measures, following an increase of 5.3% in 2021. 

In 2022, GDP for the UK is estimated to have increased by 4.3%, following an increase of 8.7% in 2021.

All UK countries and regions reported negative growth in 2020 because of the widespread economic impact of the coronavirus (COVID-19) pandemic, followed by a partial recovery in 2021.

Of the four countries in the UK, Wales saw the second largest increase in real GDP of 3.8% between 2021 and 2022, behind England at 4.2%. 

Real GDP per head in Wales in 2022 increased by 2.9% compared to 2021 and was £27,274 in current prices.

Gross Value Added (GVA, Balanced) 

Total GVA in Wales in 2022 was £74.5 billion, up 9.5% on 2021 and an increase of 9.6% on 2019. This compares to an increase of 9.7% for the UK from 2021 and 12.5% from 2019. 

Both the increases for Wales and for the UK from 2021 were the largest since records began and were mainly the result of the recovery from the COVID-19 pandemic.

GVA per head in Wales in 2022 was £23,804, up 8.6% on 2021. GVA per head for the UK (excluding extra-regio) grew by 8.7%.

GVA per head in Wales in 2022 was 72.1% of the UK figure (excluding extra-regio), the second lowest of the UK countries and English regions. This is broadly similar to previous years.

Data for other lower geographical areas are available (to local authorities and city regions).

Notes

• GDP and GVA is given at current basic prices, unless otherwise stated.
• GDP in real terms have the effects of inflation removed by holding prices throughout the series at the level in a chosen base year.