Output, the value of goods and services is either measured using Gross Value Added (GVA) or Gross Domestic Product (GDP). This article uses GVA. Although the figures are for 2021, they are in 2019 values. The owner-occupier imputed rental figure is excluded from the total. This is essentially an accounting measure which estimates the rental value that owner occupiers pay to themselves.
What do the figures tell us?
Total GVA equalled £9.193 billion. The five largest sectors were:
Sector | £ million | % share |
Wholesale, retail & motors | 1,183 | 12.9 |
Construction | 1,123 | 12.2 |
Manufacturing | 988 | 10.7 |
Health & social work | 910 | 9.9 |
Public administration & defence | 696 | 7.6 |
Together these sectors accounted for £4,990 million or 53% of total output. Accommodation & food services accounted for 7.5% and Agriculture, forestry and fishing for 5.4%.
Data Source
Definitions
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. [ONS, 2018].
How is GDP measured?
In simple terms, the GDP of a country is made up of:
the value of goods and services (output); examples of these include anything from accommodation and restaurant services to shoes produced in a UK factory
all of the country’s spending; the bulk of this is household spending, but it also includes the expenditure of government, businesses and charities
the UK’s income, which includes our wages, profits of businesses and any money we make in trade. [ONS, 2016].