GDP in the UK fell by 9.9% in 2020, the largest annual decline on record. Coast to Capital regional economic output is estimated to have declined by up to 22% in the same year. To recover lost output and return to pre-COVID-19 GVA levels by 2026, regional GVA growth would need to at least triple to 7.8% by 2023.
COVID-19 Economic Impact Dashboard
The dashboard presents a summary of key COVID-19 impact indicators from the EIA and has been updated to reflect the latest available data as of January 2021. Where possible, data is linked directly to its source, with some indicators having more recent updates.
- Estimates suggest our regional GVA could shrink by between 12% and 22% in 2020, compared to UK averages of between 10.6% and 12%
- Commercial transactions saw a 37% increase in September 2020 compared to the same month in 2019
- Corporate insolvencies are increasing month on month – 102 businesses were declared in December 2020 compared to 39 in May 2020
- Brighton & Hove had the highest percentage of insolvencies (35%) and Epsom & Ewell had the lowest (1%) in Coast to Capital as of December 2020
- 25% of our economically active population were claiming work-related benefits in December 2020
- Crawley has had the greatest impact with 32% of the working population affected by December 2020
- Job postings have started to recover with a similar number of postings in December 2020 compared to December 2019
- Mobility across all measures in Brighton & Hove was 10% lower than the national average
- 45% of high growth businesses in Coast to Capital are having to limit the physical services they provide
- An additional 9,000 new companies were registered between June 2020 and January 2021, 22% of which are in the Financial and Professional Services sector
Key indicators will be monitored on a quarterly basis and future updates will be published on this page.
Coronavirus (COVID-19) Economic Impact Assessment
We produced our COVID-19 Economic Impact Assessment to examine in detail the full range of economic impacts for the region. We structured the report using the 5 Foundations of Productivity - Ideas, People, Infrastructure, Business environment and Places. This builds directly onto the extensive evidence base developed in preparation for a Local Industrial Strategy, prior to the pandemic. Together these form the basis for economic recovery planning for our region.
The full report is available to read here
Other COVID-19 research
Several of our partners across the region have also undertaken local research into the impact of COVID-19:
- Gatwick Diamond Initiative - COVID-19 impact assessment
- Coastal West Sussex Partnership - COVID-19 impact assessment
- Greater Brighton Economic Board - COVID-19 impact assessment
- West Sussex County Council - Economy Snapshot
To follow our work on economic recovery planning please subscribe to the Coast to Capital newsletter