Cornwall shows strongest level of growth in South West
economy
15 December 2009
Cornwall and the Isles of Scilly were the strongest growing part
of the South West according to an important set of regional
economic data.
According to gross value added data issued this month by the
Office for National Statistics, Cornwall and the Isles of Scilly
grew by 6.1 per cent in 2007, compared to 2006.
"The new figures show a positive story for Cornwall and the
Isles of Scilly," said Eleanor Field, a senior economist at the
South West RDA. "Growth was strong in the area and its relative
position has improved. This suggests that the economy is benefiting
from European funding. "
Cornwall and the Isles of Scilly receive so-called 'convergence'
funding to help them close the gap with wealthier parts of the
European Union.
"While C&IoS is starting from a low base in terms of GVA per
head, its relative position against the United Kingdom and South
West average is improving and in 2007 it reached 63.6% of the UK
average - a growth of 5.4 percentage points from the low point in
1999," added the RDA's Ms Field.
On top of its own budget, the RDA will administer almost £200
million in European Union funding in the present and coming
financial years. This comprises funding for both convergence as
well as competitiveness.
For further information on the regional economy, please go
to:
http://economy.swo.org.uk/publications/special-economy-module-publications/
To arrange interviews, please contact Claire Wickes in the South
West RDA press office on 01392 229389 or John Casey 01208
77900
Email: john.casey@dca-pr.co.uk
Notes to Editors:
The South West RDA leads the development of a sustainable
economy, investing to unlock the region's business potential. It is
helping companies respond to the economic crisis and charts a
course for recovery. The RDA is developing or expanding initiatives
which include: establishing a Business Loan Fund; coordinating the
response to large companies in difficulty; preparing for economic
recovery. More information can be found at http://www.southwestrda.org.uk/