New regional gross value added (balanced) dataset
Regional GVA(B) has been published on Nomis for the first time on Wednesday 20 December 2017. One dataset is available in a Regional Accounts folder using the Query Data tool:
- Dates: the series contains figures for 1998 to 2016 and will be updated annually.
- Geographies: NUTS1 countries and regions, and NUTS2 sub-regions of the UK.
- Components of GVA: includes current price (value) and real (chained volume) estimates, plus implied deflators.
- Industries: includes a breakdown to 80 (mostly SIC 2-digit) industries at NUTS1 level, and 71 industries at NUTS2 level
Withdrawal of GVA(I) datasets
To avoid presenting inconsistent estimates of regional GVA we have withdrawn the previously published data compiled using the income approach. We plan to replace the missing data for smaller geographic areas with balanced estimates early in 2018. In the meantime these data can be found on the main Office for National Statistics website.
Gross value added (GVA) is a measure of the increase in the value of the economy due to the production of goods and services. For the balanced measure, GVA(B), it is measured at current basic prices (value in £ million), which include the effect of inflation, and in “real” terms in chained volume measures (CVM), with the effect of inflation removed. The CVM are presented as indices referenced to 2015 equals 100.
The GVA(B) estimates presented here are compiled on a workplace basis (allocated to the location where the economic activity takes place). GVA plus taxes (less subsidies) on products is equivalent to gross domestic product (GDP).
In the past we have produced estimates of regional GVA using the income and production approaches. This new approach takes the strengths from both existing approaches and uses them to produce a new balanced measure of regional GVA, GVA(B). This will give users a single measure of economic activity within a region, therefore avoiding any confusion from having two different estimates of the same thing. The balancing process uses quality measures to assess the strength of components, and weights these together according to their contribution to total GVA.
The CVM are deflated to remove the effect of inflation using mostly national price indices. The exception is in the real estate industry, where we have used regional rental prices to deflate measures of imputed and actual household rent. The implied deflators in this dataset are therefore not true regional price indices, although they will reflect regional variation in goods and services produced.