Aberdeen ‘one of the UK’s top-performing economies’

Aberdeen ‘one of the UK’s top-performing economies’

Aberdeen proved itself as one of the UK’s best performing city economies across the third quarter of 2018, with a report revealing that the city was ranked second in terms of its growth across the period.

The UK Powerhouse study is produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr) and provides an estimate of GVA growth and job creation within 45 of the UK’s largest cities 12 months ahead of the Government’s official figures.

Published this month, the latest report revealed that Aberdeen is now second only to Cambridge in terms of GVA growth in Q3 2017 after recording a rate of 2% in the period. The position marked an improvement on the city’s eighth place ranking in Q2.

In comparison, Glasgow and Edinburgh recorded growth of 1.5% and 1.1% across the quarter respectively, with all three cities also experiencing moderate employment growth.

Looking ahead to 2018, the report predicted Glasgow would enjoy the strongest growth out of the three across the year (1.28%), with Aberdeen’s GVA set to grow by 1.24% and Edinburgh’s by 1.15%.

Mark Higgins, a partner at Irwin Mitchell Scotland in Glasgow, said: “After taking a hit in recent years due to the falling price of oil, this latest report shows that Aberdeen is well and truly on the road to bouncing back.”

This latest edition of UK Powerhouse examines the impact that the education has on city economies across the UK. The report notes the education sector makes a major contribution to economic growth within many areas surrounding universities and also offers recommendations on how it can continue to do so.