Cornwall shows strongest level of growth in South West economy

Cornwall and the Isles of Scilly were the strongest growing part of the South West, according to an important set of regional economic data.

According to gross value added data issued last month by the Office for National Statistics, Cornwall and the Isles of Scilly grew by 6.1 per cent in 2007, compared to 2006.

"The new figures show a positive story for Cornwall and the Isles of Scilly," said Eleanor Field, a senior economist at the South West RDA. "Growth was strong in the area and its relative position has improved. This suggests that the economy is benefiting from European funding. "

Cornwall and the Isles of Scilly receive so-called 'convergence' funding to help them close the gap with wealthier parts of the European Union.

"While C&IoS is starting from a low base in terms of GVA per head, its relative position against the United Kingdom and South West average is improving and in 2007 it reached 63.6% of the UK average - a growth of 5.4 percentage points from the low point in 1999," added the RDA's Ms Field.

On top of its own budget, the RDA will administer almost £200 million in European Union funding in the present and coming financial years. This comprises funding for both convergence and competitiveness funds.

For further information on the regional economy, please go to:
http://economy.swo.org.uk/publications/special-economy-module-publications