North-east economy outstrips rest of UK

NEW figures show the North-east economy experienced the largest growth rate of any region in the UK during 2011.

Economic output as measured by Gross Value Added (GVA), which is an indication of the value of goods and services produced by an area, increased by 6.5% for Aberdeen City and Shire to £14,950m for the year.

The GVA figure for 2010 was £14,038m. In comparison, Scotland as a whole had a GVA increase of only 1.9% over the same period.

The figures, published by the Office of National Statistics, show Aberdeen City and Shire outpaced the rest of the country for growth with GVA increasing at a rate of 2.3% in the Highlands and Islands, 0.9% in Eastern Scotland and 1.3% in the South West.