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Regional growth figures released for Q4 2014

The RBS regional growth tracker for Q4 shows London, North West & East Midlands led the way in the last 12 months.

 

With the exception of London, the UK’s regions saw growth slow considerably at the end of last year, but growth nonetheless. Despite this slowdown, we estimate that growth over the past year for many regions has been at or above their historical average. With labour markets continuing to heal across the UK, 2014 should be chalked up as a success for the UK’s regional economies.

Top of the class last year was London, driven by its massive professional services and information & communications technology sectors. It was not, however, a case of a North/ South divide, as the North West and the East Midlands were the second and third fastest growing regional economies in 2014. In the former case, it was manufacturing sectors such as food products that performed better than the UK average. In the latter, it was the retail & wholesale sector.

We estimate that the five fastest growing local area economies were: Inner East London, Milton Keynes, Aberdeen, Cambridge and Herefordshire. In all cases, it was the heady cocktail of competitiveness and a reliance on professional and technical services that set them apart from
the rest. But looking ahead, there are clouds gathering over Aberdeen, as the area will have to adjust to a world of lower oil prices.

 

 

Disclaimer

This material is published by The Royal Bank of Scotland plc (“RBS”), for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited.

Whilst this information is believed to be reliable, it has not been independently verified by RBS and RBS makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of the RBS Economics Department, as of this date and are subject to change without notice.

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