Business experts dismiss claims city’s economy has seen a huge slowdown

We keep across all of the economic data and information for the region and this report doesn’t reflect what we are seeing

DATA suggesting Coventry’s economy has slowed down faster than almost anywhere in Europe has been disputed by business experts.

Figures regarding per capita GDP – or economic productivity per person – have revealed a dramatic slowdown in some part of the UK, including Coventry, compared to elsewhere in Europe.

However the data, released by Eurostat, only goes up to 2014 and Coventry and Warwickshire Chamber of Commerce has suggested it does not match the reality, with the city and the region currently thriving.

Coventry’s per capita GDP stood at 46 per cent above the European average in 2001 but the latest figures show it dropped to 13 per cent above the European average in 2014.

It means that over the 13-year period Coventry’s economic growth slumped dramatically compared to the EU as a whole and in terms of its relative performance, the area has fallen back more than virtually anywhere in Europe.

Coventry is 59th on the list of all European areas with the lowest growth compared to the European average – out of more than 1,800 locations.

But Coventry and Warwickshire Chamber of Commerce say the figures do not reflect reality and said as the ‘latest’ data only goes up to 2014 it is likely to be out of date.

Louise Wall, group commercial director at the Chamber, said: “We keep across all of the economic data and information for the region and this report doesn’t reflect what we are seeing.

“That might be because the data is a three years old but certainly the evidence we gather points to an economy that is performing very well.”

Ms Wall said a high number of people were in employment and the city had plenty of success stories to shout about.

“Unemployment is low and there are major success stories such as Jaguar Land Rover as well as a thriving community of small and medium sized businesses and everything in between,” she added.

“We never pretend everything is perfect – we know there are issues around matters such as skills and a shortage of employment land, and we have raised those with decisionmakers across the region and beyond.

“But, on the whole, there is a strong sense that this is a great area to invest and that our economy is performing strongly.

“While I wouldn’t want to dismiss any information, it wouldn’t surprise me if a new report emerges that shows a more positive picture.”

Warwickshire also saw a decline in per capita GDP, as did the West Midlands and the UK as a whole.

In Warwickshire in 2001 it was 45 per cent above the European average but in 2014 it dropped to 13 per cent.

The West Midlands’ economy stood at 33 per cent above the European average in 2001 but after 13 years the region slowed down its economic productivity to just three per cent above the European average.

In 2001, the GDP per person in the UK was 42 per cent above the European average. In 2014, it was still above the average - but only by 27 per cent.