Greater Manchester Economy – forecast to grow more than previously expected

Revised economic forecasts for Greater Manchester suggest the region’s GVA (Gross Value Added) output over the next decade will be slightly better than previously anticipated, rising to 3.0% by 2014 and peaking at 3.3% in 2017.

The amendment to last year’s forecast (which predicted a 2.9% peak in GVA over the same period) is good news for the conurbation’s economic outlook.

The forecasts are the latest outputs from the Greater Manchester Forecasting Model (GMFM) – produced by Oxford Economics for New Economy on behalf of the Greater Manchester Combined Authority (GMCA).

The GMFM is updated annually and produces results for Greater Manchester’s districts by analysing past statistics in light of the latest global and macroeconomic conditions.

Although the outlook is positive for Greater Manchester’s economic growth, it is not expected to boost regional jobs creation to levels previously anticipated, partly because job losses during the recession were not as severe as originally expected.

New Economy’s purpose is to create economic growth and prosperity for Manchester, When they refer to ‘Manchester’, they mean the ten local authority districts of Greater Manchester; Bolton, Bury, Manchester, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford and Wigan.

Manchester is home to a population of 2.6 million residents and generates 50% of the North West’s economic output and 5% of the total national economic output. We are one of the six Association of Manchester Authorities (AGMA) commissions which were established in 2009.

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