Future of the East Midlands economy

Summary 

Some key statistics on the East Midlands economy:

• GDP was £130 billion in 2019, accounting for 5.9% of UK GDP.
• GDP per capita was £26,852 in 2019, below the UK average of £32,876.
• Oxford Economics, a consultancy, forecasts economic growth of 8.2% in 2021 and 6.8% in 2022 for the East Midlands. This follows an estimated contraction of 9.8% in 2020. It is forecast to grow faster than the UK over this period (+7.4% in 2021 and +6.7% in 2022).
• Productivity in the East Midlands was 13% below the UK average in 2019 (measured using economic output per hour worked).

Further information on regional economic comparisons is provided in the Library briefing, Regional and National Economic Indicators.