London accounts for over a fifth of UK’s total economic output

Julian Harris
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LONDON has bounced back strongly from the economic downturn, while the rest of the south east is also faring well.

The south east, excluding London, showed the fastest growth per head last year out of all the UK’s countries and regions. Its gross value added – known as GVA – was up 2.5 per cent in 2012, official statistics showed yesterday.

The Office for National Statistics (ONS) publishes GVA for regions, rather than using GDP which is deployed for the UK as a whole and includes taxes and subsidies.

London had the largest GVA per head at £37,232 in 2012, the ONS said – over double the level in Wales, where the measure of output per head was just £15,401.

The capital accounts for over a fifth (22.4 per cent) of the UK’s total GVA, the ONS said.

The south east, even excluding London, had a GVA of £23,221 according to the figures, higher than the UK average of £21,295.