Greater Manchester's economy is forecast to grow by more than previously expected, new figures have revealed.
According to the latest outputs from the Greater Manchester Forecasting Model (GMFM), produced by Oxford Economics for New Economy on behalf of the Greater Manchester Combined Authority, the region's gross value added (GVA) output over the next ten years will be three per cent by 2014, up from the 2.9 per cent predicted last year.
Baron Frankal, director of economic strategy for New Economy, described the GMFM as a key economic tool.
“The latest update takes into account the current local and national economic climate and the very difficult conditions we are experiencing to suggest the conurbation will now see faster growth in GVA output over the medium term,” he added.
However, the positive outlook for the region’s economic growth is not expected to boost job creation levels to previous forecasts.
Estimates suggest there will be around 96,600 additional jobs created in Greater Manchester between 2012 and 2022, slightly lower than last year’s forecast of over 100,000 new jobs in the same period.
Frankal added, “There are various reasons for this but in particular, it is thought that whilst the labour market should improve, unlike the previous recession that saw job losses, this time around there was a greater move to part-time work and self-employment, and these people are expected to migrate to full-time positions as employer confidence returns.”
By Kirsty Hewitt