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Dorset Basking In Economic Recovery


8:44am 8th May 2014

Dorset is basking in the sun of the economic recovery, according to the banking giant RBS.

The bank is estimating the county's economy will grow by 3.3% in 2014 - that would be a 0.3% increase on last year.

The data comes from RBS's new regional growth tracker.

Experts say a turnaround in the housing market has been in a major factor in Dorset's economic recovery.

Marcus Wright, economist at RBS says things are looking good for our region;

"Compared to the previous year the South West economy grew 3% - which makes the South West a solid mid-table performer in the UK regional ranking. And just like the UK, the South West is experiencing its fastest rate of growth since 2007."

"The recovery in the UK housing market looks to be helping the South West economy with the real estate sector making a valuable contribution to growth. This is important because real estate accounts for 13% of the region's output, more than the UK figure of 11%."   

"Looking ahead, the South West appears firmly in recovery mode, just like the wider UK economy. With the labour market looking in good shape - unemployment is lowest of all the UK regions at just 4.9% - we'll be looking for evidence of the ongoing economic recovery feeding into improved earnings for workers. This would provide the basis for stronger growth in some of the other sectors important to the region, including retail trade, which would help increase broader economic growth."

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