Contributing just under 7% of Britain’s total output in 2014, Yorkshire contains some of the biggest economies in the UK, with Leeds being ranked as the 4th largest UK economy overall. Yorkshire also boasts a large workforce with its total population of over 5.3 million people, meaning more people live in our county than the entirety of some countries, such as Scotland, Norway, New Zealand, Uruguay and the Republic of Ireland.
While Yorkshire’s roots are in the steadily declining sector of manufacturing, 15.3% of the UK’s output still came from Yorkshire in 2010, compared with the national average of 10.8%. Nowadays, business has generally shifted towards retail, services and tourism, with many of the largest employers in the region being councils and universities. Many national businesses have also been founded in Yorkshire, such as Morrisons, Marks & Spencer, McCains, Jet2, Birds Eye and Thorntons Chocolate.
In total, Yorkshire’s economic output was £106.47 Billion in 2014, a 3.3% rise on the previous year. This makes the region’s economy nearly double the size Wales’ (at £54.3 Billion).
Total GVA per sub-region in Yorkshire and The Humber (2014)
|North Yorkshire||£22.35 Billion|
|West Yorkshire||£20.81 Billion|
|East Yorkshire and Northern Lincolnshire||£18.92 Billion|
|South Yorkshire||£17.46 Billion|