East Midlands economy is fastest-growing outside of South East

Paul Norbury

The East Midlands has the fastest-growing economy outside of London and the South East – that’s according to PwC’s latest UK Economic Outlook.

PwC’s forecast projects GVA growth in the East Midlands will grow by around 1.6% in 2017, slowing to 1.3% in 2018. That puts the region as the fastest growing regional economy outside of London and the South East, along with the South West, and represents an increase on PwC’s November 2016 forecast of 1.0% growth in 2017.

Paul Norbury, senior office partner for PwC in the East Midlands, said: “The East Midlands’ economic and industrial strengths provide the region with an infrastructure to withstand the current uncertainty as we prepare to leave the EU. This is reflected in the Government’s recent commitment to the region through the Midlands Engine Strategy, which will deliver significant investment to support continued economic growth and increased skills and productivity in the region.

“With nationally and internationally leading industries across the East Midlands, we are well-placed to weather the challenges ahead. However, for businesses to thrive in a post-Brexit economy there is still much to capitalise on to make sure that the East Midlands’ economy prospers.”

 

PwC main scenario for output growth by region

% Real GVA growth by region

Region

2017

2018

London

2.0%

1.8%

South East

1.7%

1.4%

UK

1.6%

1.4%

East Midlands

1.6%

1.3%

South West

1.6%

1.3%

East Anglia

1.6%

1.2%

North West

1.5%

1.2%

North East

1.4%

1.1%

Yorkshire & Humberside

1.4%

1.1%

West Midlands

1.4%

0.9%

Wales

1.4%

1.2%

Scotland

1.3%

1.1%

N Ireland

1.2%

0.9%