Wales : Dragging The UK Down.

[cronus]

http://www.bbc.co.uk/news/uk-wales-30395312

GVA: Wales economy adds least gross value added in UK

Wales is still the worst performing part of the UK in terms of money generated by its economy, official figures show.

The gross value added (GVA) statistics show the value of wages and profits from goods and services produced.

The figures show Wales had the UK's lowest GVA per head at £16,893 in 2013 while London had the highest at £40,215.

But Wales and north west England showed the biggest growth at 3.4%.

The figures were released by the Office for National Statistics (ONS).

Wales also had the UK's worst performing sub-region - west Wales and the Valleys at £14,763 - and the lowest GVA at local area level, Anglesey with £11,368 per head.

(continued, Wales to become a independent state in the next Parliament...)

[mistermack]

This is hardly surprising, as it gets far less investment than the London area.

Add costs to London through taxation, and the situation will change.

[PsychoSerenity]

Can anyone decipher what this GVA is actually measuring?

It looks to me like it's mostly saying people in Wales earn less than people in London, but that's entirely obvious and easily explained. Is there more to it than that?

These regional estimates of Gross Value Added are measured using the income approach, which involves adding up the income generated by resident individuals or corporations in the production of goods and services. It is calculated gross of deductions for consumption of fixed capital, which is the amount of fixed assets used up in the process of production in any period.

The main components of income based Gross Value Added are:
• Compensation of Employees
• Gross Operating Surplus (the sum of self-employment income, gross trading profits and surpluses, non-market capital consumption, rental income less holding gains)
• taxes (less subsidies) incurred as a result of engaging in production, independently of the quantity or value of goods and services produced (for example, business rates)

These estimates are consistent with the National Accounts Blue Book 2014. National aggregates for the components of GVA are allocated to regions using the most appropriate regional indicator available. These estimates are produced at current prices, which include the effect of inflation.

[Clinton Huxley]

It means the Welsh are a bunch of slackers.

[cronus]

It means the Welsh are a bunch of slackers.

The ones in the North are.

[JimC]

I blame Pappa!

[Svartalf]

It means the Welsh are a bunch of slackers.

No, it means the city are hoodwinking everybody and getting undeserved breakss.

[mistermack]

It means the Welsh are a bunch of slackers.

No, it means the city are hoodwinking everybody and getting undeserved breakss.

It's a lot to do with the City of London financial sector.
How could Wales possibly match the financial clout of that colossus?

[JimC]

It's all that time they waste with sheep...