The latest GVA figures show the Welsh economy has become the first in the UK to return to its pre-pandemic size despite extra restrictions – but the challenge remains to close the historic gap with other parts of Britain.
Gross value added in Wales grew 0.9% in the fourth quarter of 2021, returning output to where it was at the end of 2019, according to modeled-based early estimates from the Office for National Statistics.
Meanwhile Scotland’s economy remains 5% behind where it was before the pandemic started and the West Midlands is still nearly 10% down.
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While this is positive news it is in the context that GVA per head in Wales in 2019 was 72.6% of the UK figure, the second lowest of the UK countries and English regions.
The drive now is to close that gap at the same time as the nation and wider global economy faces rising costs and now the fallout from Russia’s invasion of the Ukraine.
Bangor University economics lecturer Dr Edward Jones, said he wasn’t surprised Wales had recovered at…
