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PRIVACY
Economic Development

Wales the only º£½ÇÊÓÆµ nation to see its economy shrink

Figures from the Office for National Statistics show the Welsh economy contracted in Q3 on 2021 compared to the previous quarter

The hospitality sector across the º£½ÇÊÓÆµ rebounded strongly in Q3 of 2021.(Image: Athena Pictures)

Wales is the only nation of the º£½ÇÊÓÆµ that has seen its economy shrink, according to new figures from the ONS.

For the third quarter (Q1) of 2021 gross domestic product (GDP) in Wales declined 0.3% on the previous quarter.

Growth in England was 0.6%, while for Northern Ireland its economy grew 1.4% and for Scotland 0.9%.

GDP is a key economic indicator, which measures the value of goods and services produced across the º£½ÇÊÓÆµ.

Based on the nations and regions of the º£½ÇÊÓÆµ, the north-east of England saw the biggest quarter-on-quarter contractions in GDP in Q3 at 1.2%.

There was negative growth in the east of England, the west and east Midlands and the south-east. Economic growth for Yorkshire and the Humber was flat.

The English regions with the biggest growth in GDP were London at 2.3% and the north-west at 1.2%.

For England and Wales the industry with the largest percentage growth was accommodation and food service activities. London recorded the largest growth for this industry, at 32.2%.