- Posted by: Mike Hedges MS
- Category: Uncategorized
A new web-site sets out how the Welsh economy is performing reasonably well over the medium term compared to many other parts of the UK and is materially improving the well-being of citizens in Wales.
Mike Hedges said… ‘It is good news that progress is being made with the Welsh Economy compared to other parts of the UK. Deprivation is high in many parts of Swansea East and news of this sort is particularly welcome for those areas. I look forward to future improvements in the Welsh Economy’
The ‘Welsh Economy: in numbers’ web-site provides a high level, easily accessible, broad picture of the Welsh economy and economic outcomes in Wales. It brings together for the first time a rounded picture of economic performance for eight key indicators – over time and in comparison with other parts of the UK. The statistics confirm that Wales has kept pace with changes in the UK economy over the medium term across a range of indicators. They show that:
• Since devolution, incomes and output in Wales have increased at a faster rate than most other UK countries and regions, with average earnings increasing by half.
• The gap in employment and inactivity rates between 1999 and the year ending March 2015 have narrowed considerably.
• Gross Disposable Household Income is growing at a faster rate than the UK.
• Average household wealth in Wales is greater than in five English regions and Scotland, and only below the regions of East, South East, South West and London.
• Since 2006/08 wealth increased in Wales by 4.2%.