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Macro economy

The Midlands Engine economy is the heartbeat of Britain’s economy, dominated by small and medium-sized firms using innovative processes, products and services to support our everyday lives.
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Key statistics

£

0

bn

GVA

£

0

,346

GVA per head

£

0

bn

productivity gap

£

0

,421

average earnings

There is significant scope to boost productivity and contribute to economic growth, enabling an effective and green recovery from the Covid-19 pandemic, while taking advantage of international markets in a post-Brexit world.

• The Midlands Engine is home to nearly 405k enterprises employing 4.6m people and generating £252.6bn in GVA.
• Midlands Engine Gross Value Added (GVA) is the highest of all regions in the UK outside of London and the South East. It accounts for 12.4% of UK GVA.
• GVA per head was £24,346 in 2021, £6,097 lower than UK (£30,443). A 7.7% increase from previous year compared to 7.3% increase for the UK.
• The region faces a £86.3bn productivity gap with barriers including skills, infrastructure, R&D investment, and access to finance.

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