An independent report assessing the challenges and opportunities ahead – and carrying recommendations about how to respond – was launched on Tuesday, 5 November at the State of the Cities Conference hosted by Aberdeen City Council at P&J Live.
Published by the Aberdeen Economic Policy Panel, the report examined the Regional Economic Strategy’s response to the recent oil downturn and in doing so reaffirmed the cautious optimism of last year’s inaugural report.
Key findings were:
The latest data shows the Aberdeen City Region economy stabilising after a challenging few years. Recent indicators suggest that growth – albeit modest – is likely to have returned during 2018 and 2019;
The region continues to perform strongly on key indicators – such as Gross Value Added (GVA) per head – relative to other parts of the UK;
The North East economy is predicted to grow by 1.5% per annum between 2018 and 2028;
Employment levels in the Aberdeen City Region increased by 3.4% in the most recent 12 months. To the year ending June 2019, 78% of working age people in Aberdeen and 81% in Aberdeenshire were in work, up from 70% and 78% three years ago;
During 2018, average workplace earnings rose by 3.5% in Aberdeen and 4.6% in Aberdeenshire, compared to Scotland’s 1.0% increase.