Economy of Wales

Economy of Wales

Cardiff Bay in Cardiff: Wales's capital city
Currency	Pound sterling (£)
Fiscal year	1 April to 31 March[a]
Statistics
Population	3,131,640 (2022)[1]
GDP	£85.4 billion (2022)[1]
GDP per capita	£27,274 (2022)[1]
Labour force	1,424,000 / 69.6% in employment (Jan–Mar 2024)[b][2]
Labour force by occupation	List 23.5% Professional 14.4% Associate professional 10.3% Elementary occupations 9.7% Administrative and secretarial 9.4% Skilled trades 9.3% Caring, leisure and other service 9.1% Managers, directors and senior officials 7.4% Sales and customer service 6.5% Process plant and machine operatives (Jan–Dec 2023)[c][2]
Unemployment	49,000 / 3.3% (Jan–Mar 2024)[d][2]
Average gross salary	£636.10 per week (2023)[e][2]
External
Exports	£23.8 billion (2021)[f][3]
Export goods	List £6.4bn Machinery and transport £2.4bn Manufactured goods £2.4bn Chemicals £2.1bn Mineral fuels £1.0bn Miscellaneous manufactures £0.6bn Food and live animals £0.2bn Crude materials £0.0bn Beverages and tobacco £0.0bn Animal and vegetable oils £0.0bn Other commodities £15.2bn Total (2021)[g][4]
Main export partners	List £9.1bn European Union £2.6bn North America £1.7bn Asia & Oceania £0.7bn Middle East and North Africa (excl. EU) £0.6bn Western Europe (excl. EU) £0.2bn Eastern Europe (excl. EU) £0.2bn Latin America and Caribbean £0.1bn Sub-Saharan Africa £0.0bn Undefined country group £15.2bn Total (2021)[g][4]
Imports	£19.2 billion (2021)[f][3]
Import goods	List £5.2bn Machinery and transport £4.0bn Mineral fuels £2.1bn Manufactured goods £1.7bn Miscellaneous manufactures £1.5bn Chemicals £1.0bn Crude materials £0.5bn Food and live animals £0.1bn Beverages and tobacco £0.0bn Animal and vegetable oils £0.0bn Other commodities £16.1bn Total (2021)[g][4]
Main import partners	List £5.9bn European Union £3.7bn Asia & Oceania £2.5bn North America £1.7bn Middle East and North Africa (excl. EU) £1.1bn Western Europe (excl. EU) £0.7bn Sub-Saharan Africa £0.4bn Eastern Europe (excl. EU) £0.2bn Latin America and Caribbean — Undefined country group £16.1bn Total (2021)[g][4]

The economy of Wales is part of the wider economy of the United Kingdom, and encompasses the production and consumption of goods, services and the supply of money in Wales.

On the whole, Gross domestic product (GDP) in Wales has increased since 1999, although it remains lower than the UK average. UK government and Welsh government expenditure in Wales has also increased over the same period. Wales has received funding from the European Structural and Investment Funds and the UK government has announced that this funding is being replaced by the UK Shared Prosperity Fund, although the Welsh Government has suggested that Wales is receiving less money. Wales has a negative fiscal balance, although all countries and regions of the UK also had a fiscal deficit in 2020/21. The Gross Value Added in Wales has increased since 1998, but per head remains lower than the UK average.

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