A recent UK Powerhouse Report, by law firm Irwin Mitchell and the Centre for Economics and Business Research, says Norwich’s gross value added (GVA) – the measure of the value of goods and services produced in an area – is predicted to grow by 1.62% over 2018.
Out of 45 settlements in the report, Norwich is ranked joint eighth, with Portsmouth. This continues a positive trend, where a similar report in October showed Norwich’s GVA at £2.8 billion and 136,800 people in employment – one of only a few cities predicted to grow its GVA by 2% year on year.
Cambridge led the table, with a predicted GVA growth of 2.19%, while Ipswich came in fourth, with a forecast growth of 1.75%.
Commenting on the report findings, Nova Fairbank, Public Affairs Manager for Norfolk Chamber said:
“Norwich’s strength is its dynamic and diverse business community – which enables it to weather the challenges of the current economic climate.
“With strong emerging sectors such as digital/ICT and innovations in food science and agri-tech, as well as the more traditional sectors such as professional services and insurance, our region clearly has the potential to increase economic growth and create more jobs.”
