EY Item Club: UK Regional Economic Forecast

This report by EY analyses the 2022 relative economic performance by region in the UK and then forecasts what the UK can expect in 2023. Despite a challenging economic climate early in the year, it highlights causes for optimism, opportunities for growth, and where to find them.

Key takeaways include:

• During 2022, GVA (Gross Value Added) is estimatedto have grown by 4.1% for the UK.
• The UK economy is expected to fall into recession during 2023, with output forecast to contract by 0.6%. However, London’s economy is only expected to contract by 0.2%.
• Employment growth between 2024 and 2026 is forecast to be highest in London, at an annual average 1.7%.