North East

  • The NE economy falls by 16% following lockdown and unemployment hits 6.7% November, 2020

    A nowcast for the NE for the 12 months ended September 2020 on a rolling 4 quarter basis, published by the Economic Statistic Centre of Excellence (‘ESCoE’), has estimated that the NE economy contracted by 6.5%. This ranked the NE first in the UK and suggests the regional economy has so far coped ‘better’ with the pandemic relative to the other eleven UK ‘regions’ on this metric. Wales’s 11.4% contraction was the ‘worst’; the UK decline according to these figures was c8%. However, the total percentage change in the NE’s GDP relative to the end of 2019 is about -16%. This compares...