Partly Cloudy

Partly Cloudy

max temp: 11°C

min temp: 6°C

ESTD 1874 Search

East Anglia: Region’s output growing fast but still below pre-crisis peak, says RBS Regional Growth Tracker

06:00 20 August 2014

Royal Bank of Scotland has published its Regional Growth Tracker report for the second quarter of 2014.

Royal Bank of Scotland has published its Regional Growth Tracker report for the second quarter of 2014.

The East of England was the fourth fastest growing region in England during the second quarter of 2014, according to analysis by Royal Bank of Scotland.

shares

But the region has yet to regain the level of output achieved before the financial crisis, the latest RBS Regional Growth Tracker report says.

The study shows that the recovery is broadly based, with all nine English regions achieving growth for the sixth quarter in a row, London leading the way followed by the East Midlands and the South East.

However, while these three regions have all now passed their pre-crisis peak, as has the South West, the East of England has yet to regain this milestone, although RBS suggests it is likely to do so during the second half of the year.

RBS economist Stephen Blackman said: “Our Regional Growth Tracker estimates the East of England’s economy expanded by 0.8% in Q2. That makes the East the fourth fastest growing English region.

“Although professional services provided the largest contribution, the region’s owes a thank you to its 13,000 wholesalers, 25,000 retailers and 10,000 firms involved in logistics and distribution. These sectors are 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.

“The real highlight is that many of England’s fastest growing local area economies are in the East. Hertfordshire tops the table, with its economy the fastest growing English local area, expanding by almost 4% annually.”

Close behind Hertfordshire’s growth of 3.9% were Central Bedfordshire on 3.8% and Thurrock and Luton, both on 3.7%. Essex and Cambridgeshire both saw growth of 3.5%, with Bedford on 3.4%, Suffolk on 3.3% and Southend and Peterborough, both on 3.2%. Bringing up the rear was Norfolk, on 3.1%.

Andrew Harrison, RBS regional managing director for commercial and corporate banking, said: “The East of England is emerging from the economic downturn well positioned to benefit from the increasing pace of growth in the UK. The region’s broad based economy and proximity to London has insulated the East of England from the worst of the economic conditions.

“The concentration of world leading technology businesses in and around Cambridge rightly receives positive profile. It should not be forgotten that more traditional sectors such as agriculture and manufacturing are also making a significant contribution to wealth creation in the region.”

shares

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

The community in Bentley was successful in buying their village pub, The Case Is Altered.

A scheme hailed by the Government as the saviour of many local pubs has been called into question after an investigation by this newspaper found just one unqualified success in Suffolk since its introduction almost four years ago.

East Anglian Daily Times Business Awards 2014 
Business of The Year winner Aspall 
Tom McGarry EDF , Barry Chevallier Guild of Aspall and Sarah Howard Chamber of Commerce

The number of entries for this year’s East Anglian Daily Times Business Awards has broken the previous record as firms line up across the categories.

Top chef James Martin at the launch of his new eatery at Stansted Airport.

Restaurants are investing in something different for their outlets at Stansted Airport.

GDP figures showed a slowdown in the UK's recovery.

The pace of Britain’s economic recovery will come into focus today with official figures expected to reveal that it slowed in the first three months of this year.

Premier Inns rapid growth story is set to continue after its owner, Whitbread, mapped out plans for as many as 900 hotels by the end of 2020.

Premier Inn’s rapid growth story is set to continue after its owner, Whitbread, mapped out plans for as many as 900 hotels by the end of 2020.

Doug Field - Executive Officer - Finance and Technology, East of England Co-op

An East Anglian store chain is celebrating a 3% rise in profits, but warned store closures could be on the cards this year as it continues to battle tough trading conditions.

left to right): Andrew Harrison, Managing Director Stansted Airport; Charlie Cornish, MAG Chief Executive; Beth Brewster, MAG Retail Director

Phase two of an £80million project to transform restaurants on offer at Stansted Airport was officially opened yesterday, amid hopes the improved offer will attract long-haul airlines to the transport hub.

TUC General Secretary Frances O'Grady.

Job insecurity and short hours contract are blighting the lives of many workers, say trade unionists.

GDP figures showed a slowdown in the UK's recovery.

Britain experienced a sharp slowdown at the start of the year as growth slipped to a worse-than-expected 0.3%, official figures showed.

BP has seen profits fall as oil prices slump.

BP reported a 20% drop in first-quarter profits today after it was hit by a sharp slump in oil and gas prices.

Most read

Most commented

Topic pages