GVA slowest in South West

GROSS value added (GVA), a measure of economic prosperity, increased by just €27 million between 2003 and 2004.

GVA measures the contribution to the economy of each individual producer, industry or sector.

Regional GVA figures for 2004, the latest date for which the data is available, reveals that the total value of goods and services produced by the South West, classified as Cork and Kerry, grew to €23.58 billion from €23.55bn in 2003.

The figures were released by the Central Statistics Office (CSO) yesterday and show that GDP growth in the South West was the slowest in the country.

The Border, Midlands and the West increased its GDP to €25.4bn from €23.3bn. Dublin was the biggest contributor to GVA, accounting for €49bn of the 2004 total of €130.5bn.

The Mid West, which comprises Clare, Limerick and north Tipperary, increased its GVA to €10.4bn from €9.5bn.

The CSO found that GVA per person in the southern and eastern regions increased by 51.2% in the five years to 2004. In the Border, Midlands and West regions, GVA increased by 49.9% in the same period.

The combined Dublin and Mid East region produced the second highest GVA per person in 2004 at 16.8% above the State average. The level of GVA per person in this region has exceeded the State average by at least 15% in each year since 1995.

The Midlands region had the lowest GVA per person in 2004 at 66.3% of the State average, up from 65.6% in 2003.

The GVA figures correspond with the level of income per person living in the regions.