South West records major economic growth, report suggests

The UK’s South West region is among the fastest expanding UK regions in 2015, according to a new report from EY.

According to the firm’s latest UK region and city economic forecast report, South West GVA grew by 2.5 per cent in 2015, up on the national average of 2.3 per cent. Additionally, employment growth of 1.5 per cent was also up on the UK average of 1.1 per cent.

The report also predicted that Bristol will be one of the UK’s fastest expanding cities over the next three years, with expected growth of 2.6 per cent GVA between 2015 – 2018.

Richard Jones, EY’s senior partner in the South West, said: "It’s a positive outlook in the South West, with economic growth of 2.5 per cent and employment growth of 1.5 per cent in 2015, making it one of the UK’s fastest growing regions outside of London and growing faster than the UK average.

"This growth is being fuelled by the region’s strengths in the UK’s rapidly expanding sectors, with real estate and professional services being the two major contributors to growth. In addition, transport and logistics is growing faster in the South West than in the rest of the UK. Exeter has a very strong real estate sector while Bristol will benefit from professional services and a resurgent financial services industry."