Latest output data - measured as Gross Value Added - from the Office for National Statistics tells us that the economy in 2021 had rebounded from its 2020 low - a year characterised by the Covid-19 pandemic and associated lockdowns. Total output was £10,963 million (£10.96 billion), up from £9,930 in 2020. Yet this is still below the 2019 pre-pandemic total of £11,441 million. [All figures in 2019 prices so inflation effects are removed]. The 2021 output total is 95.8% of the 2019 figure, just below the 96.4% share comparing the 2021 total with the 2019 total for the UK.
Where are the biggest changes?
Some sectors were above their 2019 totals - notably Manufacturing (117%), Water & waste (114%), Construction (110%), Professional, scientific and technical activities (105%). Others were way below their 2019 totals - Other services (76%), Accommodation & food services (79%), Transportation & storage (81%), Agriculture, forestry and fishing (83%), and Finance (84%). Retail trade stood at 84%.
The figures indicate that the economy in 2021 was above the low of 2020 but still lower than the 2019 situation. The state of the economy is however only one issue to consider. Environmental degradation, population growth and the ongoing drought all impact on Cornish society.
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