Written question WQ88383
- Asked by
- Laura Anne JonesConservative
- To be answered by
- Minister for Economy
- Tabled
- Due
- Answered
- Time to answer
- 6 days
Question
What proportion of the Welsh economy is made up of financial services this year compared to the year prior?
Answer
Answered by Minister for Economy
The latest economic data on the financial services in Wales is from 2021. This shows:
In terms of economic output (Gross Value Added from ONS Regional Accounts), Financial Services were 2.0% of total Welsh GVA in 2021, down from 2.1% in 2020.
Financial services were 0.9% of total Welsh employment in 2021, according to the Business Register and Employment Survey. This is a higher share than in 2020 (0.8%), the only GB country to record an increase in its relative size of the sector by employment.
To note: Financial services is defined here as standard industrial classification (SIC) code 64: Financial service activities, except insurance and pension funding.