November 1 2014 Latest news:
Wednesday, August 20, 2014
The East is the fourth fastest growing region in England – but it has yet to regain the level of output achieved before the financial crisis, according to the latest RBS Regional Growth Tracker report.
The study has estimated that East Anglia’s economy expanded by 0.8pc in the second quarter of 2014, with many of England’s fastest growing local area economies in the eastern region.
While Hertfordshire topped the table, with its economy expanding by almost 4pc annually, Norfolk’s economic expansion was the slowest among its eastern neighbours at 3.1pc, the study showed. Suffolk’s economy expanded by 3.3pc.
Despite the growth, the region is one of five in the country which is yet to pass its pre-crisis peak.
But RBS suggests it is likely to reach that milestone during the second half of the year.
The RBS analysis also showed that although professional services provided the largest contribution, the region owed a “thank you” to its 13,000 wholesalers, 25,000 retailers and 10,000 firms involved in logistics and distribution.
These sectors were said to be more important to the East’s economy than they are typically for the UK, and have also grown faster than the UK economy on average.
“It’s a good combination for the region,” said RBS economist Stephen Blackman.
“But the real highlight is that many of England fastest growing local area economies are in the East. In total, four of the six fastest growing local area economies are in the East of England.”
Nationally, all nine English regions had shown growth for the sixth consecutive quarter in the second quarter of the year, according to the report.