Regional gross value added and sub-regional gross value added: 1997 to 2016

The ONS have produced a single estimate of gross value added (GVA) known as the balanced (GVA(B)) approach, using the strengths of both the income (GVA(I)) and production (GVA(P)) approaches. These estimates are currently classed as experimental statistics, but are now the ONS' official GVA approach. 

Balanced approach

• Total GVA(B) in Wales in 2016 was £59.6 billion, up, 4.0% on 2015. GVA for the UK (excluding extra-regio) rose by 3.7%.
• GVA per head in Wales in 2016 was £19,140, up 3.5% on 2015. This is the second highest increase over the year of all UK countries and regions whilst GVA per head for the UK (excluding extra-regio) rose by 2.8%.
• GVA per head in Wales in 2016 was 72.7% of the UK (excluding extra-regio) average, the lowest amongst the UK countries and English regions. This was up 0.5 percentage points over the year.
• Based NUTS2 estimates for 2016 show GVA per head in East Wales and West Wales and the Valleys at 87.2% and 64.1% of the UK average respectively.

Income approach

• Total GVA(I) in Wales in 2016 was £59.8 billion, up 4.1% on 2015. GVA for the UK (excluding extra-regio) rose by 3.6%.
• GVA per head in Wales in 2016 was £19,200, up 3.6% on 2015, whilst GVA per head for the UK (excluding extra-regio) rose by 2.7%.
• Based NUTS2 estimates for 2016 show GVA per head in East Wales and West Wales and the Valleys at 86.9% and 64.7% of the UK average respectively.

Production approach

• Between 2015 and 2016 GVA(P) grew in real terms by 1.3% in Wales, compared to an increase of 1.6% in the UK. The increase in Wales was the joint fifth highest of all UK countries and regions. London had the highest increase, followed by the South West.
• Between 2015 and 2016 GVA grew in real terms by 0.6% in West Wales and the Valleys, compared to an increase of 2.0% in East Wales.