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South east hardest hit in recession

first_imgWednesday 8 December 2010 8:18 pm LONDON bore the biggest brunt of the recession last year, official data revealed yesterday.The capital’s economy contracted by 2.6 per cent in 2009, after growing by 3.9 per cent the year before. The drop was the largest for all UK regions.And London lost 192,000 jobs during the year, the highest number in the country. Most jobs were lost in business, finance and insurance, according to the Office for National Statistics (ONS).However, the city still leads the country in terms of wealth creation. London’s gross value added (GVA) per head, which measures individual contribution to the economy, was £34,200 – still 71.2 per cent above the UK average, despite the recession.And 28.7 per cent of the country’s employees work in London and the south east, the report showed.For the first time since the data series began in 1989, every region saw a fall in GVA, and employment was down in all regions except the south west.The total number of employees in Great Britain for 2009 was 26.2m, down by 783,000 – 2.9 per cent – on the previous year. The south east – excluding London – suffered a 3.5 per cent fall in its overall GVA, which is used as an estimate of economic activity.Yet economists expect a turnaround in the data as the recovery gains strength. In 2009 the economy contracted by five per cent, yet the Office for Budget Responsibility (OBR) has forecasted 1.8 per cent growth for this year, and 2.1 per cent next year.And employment is projected to grow by 1.1m by 2015, according to the OBR’s forecasts. whatsapp Tags: NULL More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com whatsappcenter_img Share South east hardest hit in recession Show Comments ▼ KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemlast_img read more