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Study reveals £4.3 billion value of York’s economy
9:25am Thursday 26th December 2013 in News
THE value of York’s economy broke through the £4 billion barrier last year – making it healthier than it was before the recession struck – according to figures released by an economic think tank.
The study by the Centre for Cities group, which has been presented to the York Economic Partnership, said York’s Gross Value Added (GVA), which accounts for the value of goods and services produced in an area, stood at £4.3 billion in 2012, the latest measure available.
This meant the York economy was worth more than in 2007, where it had previously peaked pre-recession, with City of York Council leader James Alexander saying 2012 saw it reach its highest-ever level. He said: “To learn York’s economy has officially bounced back since the recession is clearly good news, but we are not complacent as there is more to do and the recovery is fragile.”
York’s GVA has grown 6.9 per cent since the economic “low” of 2008, compared with an England-wide average of 6.4 per cent and a Yorkshire and Humber average of 2.7 per cent. Its share of the total regional GVA was 4.61 per cent in 2012.
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