Regional gross domestic product and gross value added: 1998 to 2023

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

In 2023, GDP in Wales was estimated at £92.8 billion, in current prices. GDP in Wales decreased by 0.8% between 2022 and 2023 in chained volume measures, following an increase of 2.8% in 2022. 

In 2023, GDP for the UK is estimated to have increased by 0.3%, following an increase of 4.8% in 2022.

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 largest decrease in real GDP of 0.8% between 2022 and 2023. 

Real GDP per head in Wales in 2023 decreased by 1.8% compared to 2022 and was £29,316 in current prices.

Total GVA in Wales in 2023 was £81.5 billion, a decrease of 0.1% on 2022 in real terms and a decrease of 1.2% on 2019. This compares to an increase of 0.3% for the UK from 2022 and 2.6% from 2019. 

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

The ONS have delayed the publication of GVA per head data due to additional processing required for the update in International Territorial Levels (ITL). We’ll update this release with the key points from those figures when it is published. 

• GDP and GVA is given at current basic prices, unless otherwise stated.
• GDP and GVA in real terms have the effects of inflation removed by holding prices throughout the series at the level in a chosen base year.
• Previously this release presented total GVA figures in current prices. However, we have changed this to real terms to allow for consistency with the GDP figures and to account for the effects of inflation.  
• The detailed datasets on StatsWales will be updated to include these new data as soon as possible. 

Statistician: Emma Horncastle
Email: economic.stats@gov.wales

Media: 0300 025 8099