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Economic scorecard

 

The Economic Scorecard is a 6 monthly bulletin that measures the key trends which are emerging from economic and labour market statistics in the wider Gateshead and Newcastle economy.

   Economic Scorecard Detailed Charts

 Latest Issue

March 2016 (305kb) March 2016 (349kb)

 Previous Issue

September 2015 (301kb) September 2015 (349kb)

 Supporting Info

A Guide to the Indicators (374kb)

Key Messages for Gateshead and Newcastle (March 2016):

  • The UK economy (GDP) grew by 0.5% in the final quarter of 2015, resulting in a growth rate of 2.2% for 2015 as a whole – slightly lower than 2014’s annual growth rate of 2.9%. The services industry continued to be the main driver of growth in output. A slowdown in the construction and production industries weakened the overall picture, with output falling by 0.1% and 0.2% on the quarter respectively. (data point – Q4 2015)
  • The employment rate in NewcastleGateshead was 68.5% in September 2015. The rate has been increasing over the last two years, narrowing the gap to England (73.6%) – although confidence intervals make it difficult to draw definitive conclusions. (data point – Y/E Sep 2015)
  • The unemployment rate stands at 7.9% and has continued to decrease since it peaked at 11.2% in June 2012. The England average remains lower at 5.3%. However, there are indications that the gap is gradually narrowing. (data point – Y/E Sep 2015)
  • The number of people out of work and claiming Jobseekers Allowance or Universal Credit has fluctuated around 8,000 since the summer of 2015, following several years of decrease. The current claimant rate is 2.6% compared to the England average of 1.8%. The number of youth claimants also shows signs of levelling out over the same period, however the number of long term claimants continues to decrease. (data point – Feb 2016)
  • The number of people claiming out of work benefits continues to reduce. In the last year, the number of claimants has reduced by 2,930, and over the last five years it has reduced by 10,650. The rate in NewcastleGateshead is now 12.0% compared with 8.9% across England. The gap with England is very slowly narrowing (data point – Aug 2015)
  • Median gross weekly pay of full time workers in both Newcastle and Gateshead remains lower than the England average. (data point – 2015)
  • There were 3,559 house transactions in the second half of 2015, up 6% on the previous year. The number of transactions remains lower than prior to the recession. Average house prices, however, are now more than £23,000 more than they were prior to the recession in the first half of 2007, although much of this is driven by higher prices in Newcastle. (data point – Jul to Dec 2015)

Contact Us

Policy, Performance and Communications
Tel: 0191 433 2046 or 0191 433 2811
Email: consultation@gateshead.gov.uk