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Growth Projected For North East In 2022

GDP in the North East is expected to grow by 4.5 per cent in 2021, according to new analysis by KPMG UK.

As the UK moves past the peak of the Omicron, and the strain posing a milder setback than earlier ones, KPMG expects all regions and nations to reach their pre-Covid levels of output.

Growth in the North East is then expected to moderate and settle at more typical levels of 1.5 per cent in 2023.

According to KPMG’s UK Regional Economic Outlook, the regional economy shrank by more than 10 per cent in 2020, with the GDP in the region still more than two per cent below its pre-pandemic level.

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