North East more resilient than other regions during recession

THE North East economy held up more strongly than any other English region outside of London during the recession, according to fresh data from the Office for National Statistics.

 While the average total GVA for England shrank by 2.2% last year, the North East and London were least affected with GVA dropping by 1.5% and the East of England worst hit with a 3.2% decline.

 The North East Chamber of Commerce (NECC) today said the figures gave the lie to the notion that the region was more exposed than others during a time of extreme economic hardship.

 Ross Smith, NECC head of policy, said: “During the recession, the North East was painted as one of the worst affected parts of the country but this latest data categorically shows this to be untrue. NECC has long said that the North East business community is far more resilient now than in previous recessions and these statistics clearly demonstrate this.

 “The North East faces significant challenges, not least the fallout from the ongoing public sector spending cuts. If, however, we can genuinely cement our position as a world leader in areas such as low carbon vehicles and renewable energies then there is every opportunity for us to remain ahead of other regions.”

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