Regional gross domestic product and gross value added: 1998 to 2024
Data produced by the Office for National Statistics, which show estimates of economic output for 2024.
In this page
Introduction
The Office for National Statistics (ONS) have delayed the publication of gross value added (GVA) per head and subregional GVA and gross domestic product (GDP) data due to an issue in their processes. We have updated this release with the main points for total GVA and GDP. When ONS release the remaining data, we will update this summary with the GVA per head and will update our StatsWales data sets.
Gross Domestic Product (GDP)
In 2024, GDP in Wales was estimated at £100.3 billion, in current prices.
In real terms, GDP in Wales increased by 0.5% between 2023 and 2024, following an increase of 1.1% in 2023. In 2024, GDP for the UK is estimated to have increased by 1.1%, following an increase of 0.3% in 2023.
Of the 4 countries in the UK, Wales saw the smallest increase in real GDP between 2023 and 2024 (0.5%), GDP per head in Wales in 2024 was £31,484 in current prices. In real terms, this was a decrease of 0.1% compared to 2023.
Gross Value Added (GVA, Balanced)
Total GVA in Wales in 2024 was estimated at £87.4 billion in current prices. In real terms, this is an increase of 0.5% on 2023. This compares to an increase of 1.2% for the UK from 2023.
Notes
- GDP and GVA in real terms have the effects of inflation removed by holding prices throughout the series at the level in a chosen base year.
- The underlying data for 1998 to 2024, is available on the ONS website.
