The first ever gross domestic product (GDP) figures for the nations and the regions of the 海角视频, have been released by the Office for National Statistics.
While the ONS will continue to publish quarterly 海角视频 GDP figures, which are a key barometer of the health of the 海角视频 economy, it has now published its first quarterly data set for all parts of 海角视频, with figures for Q4 of 2018.
While subject to future revisions, they show the highest GDP percentage growth over the three month period was in the South East of England at 0.8% , followed by Wales at 0.3% .
The only part of the 海角视频 that experienced a contraction in GDP over the quarter was the North West, down 0.7% .
GDP growth for the 海角视频 was 0.2% .
GDP measures the value of goods and services produced to estimate the size of an economy and its growth.
The ONS looked at the construction, production and services sectors.
It also calculated a slice of nation and regional employment for major 海角视频 employers, like Tesco, for its new figures.
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The ONS, based in Newport, has also released GDP growth figures on Q4, 2017 to Q4, 2018.
Of the countries and regions of the 海角视频, six had growth above the 海角视频 as a whole figure.
These were: East Midlands (3.4%). West Midlands (3.2%), the South East (2.8%), London (2.3%), Northern Ireland (1.8%) and Wales (1.8%).
For the 海角视频 as whole the GDP grew by 1.5%.
For the North East the economy grew by 0.9%, Yorkshire and the Humber 0.6% and the North West 0.5%.
Only the East of England and the South West had negative growth with falls of 0.4% and 1.1% respectively.
For the 海角视频 as a whole GDP grew by 1.5%, as was also the case in Scotland.
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In Q4 in Wales, the education grew by 3.3% and made the highest contribution to growth.
That was followed by construction, which grew by 3.3%, and transport and storage, which grew by 5.0%.
Manufacturing output fell by 0.6%, public administration and defence fell by 1.2% and human health and social work industries fell by 0.9%.
Head of GDP with the ONS Rob Kent Smith said: “Traditional business surveys rely on relatively small samples that make fast, accurate regional and sectoral breakdowns difficult to produce. Now the ONS has access to VAT data covering the majority of enterprises in England and Wales, we can more accurately chart the fluctuating economic fortunes of different areas.
“These new estimates and the move towards local economic statistics represent a step change in the economic insight available to policy makers and business leaders across the 海角视频.”
David Nguyen, senior economist at the National Institute Of Economic and Social Research said: “The release of regional GDP figures by the ONS is very much welcomed as they provide us with a more complete picture of the economy.
“Taking a broad look at these new estimates confirms what many regional economists (including myself) have been arguing since a while: the 海角视频 is and remains highly unequal in terms of the spatial distribution of economic activity.
"This fact is also in line with studies showing that the 海角视频 is one of the most spatially unbalanced industrialised economies.” He also said that figures are to treat with caution though as they are “experimental statistics” and volatile. It means they could change in the coming months.
Comparing 2007 and 2018, GDP in Wales grew by 2.3%. For England it was 1.4%.
Secretary of State for Wales, Alun Cairns, said: “Growing by 2.3% in 2018, Wales had the fasted growing economy of any 海角视频 nation.
"These very strong figures are testament to the hard-working people in our communities who continue to capitalise on the opportunities created for economic growth by the 海角视频 Government’s modern industrial strategy and export strategy."
Economy Minister Ken Skates said: “Whilst the Welsh economy grew by 2.3 per cent last year, compared to an increase of just 1.5% for the 海角视频 as a whole, we are acutely aware of the considerable uncertainties facing businesses as a result of the 海角视频 Government’s chaotic handling of Brexit.
"We will continue to do everything we can to build on this growth in the Welsh economy and protect jobs and businesses during this very challenging period.”