Gross Value Added (GVA) measures the value of goods and services produced in an area, giving an indication of how well an economy is performing. In 2014, GVA per head in Cardiff and the Vale was £22,107, significantly higher than the Welsh average but lagging behind many of the UK’s major cities.
Cardiff’s performance has also not been improving as quickly as the UK average in recent years and is only now returning to pre-economic crisis levels, suggesting that Cardiff economy, like the national economy, must solve its own local ‘productivity puzzle.’
Over the last decade, job growth has been strong with a large number of new jobs (over 20,000) created in financial and professional services; growth in public administration and education, and retail, hotels and restaurants; with small reductions in job numbers in construction and manufacturing employment. Much of this growth is spatially concentrated in the city centre and the south and east of the city, two of the areas of the city that also have the highest levels of unemployment.