The Gross Domestic Product (GDP) in Great Yarmouth was worth an estimated £2.1 billion in 2019, according to figures published by the ONS. Great Yarmouth's GDP growth between 2018 and 2019 was 5.3% per year. Compare GDP by area.
The Health industry is the largest in Great Yarmouth based on the number of jobs, accounting for 20.9% of roles in the area.
2019 ONS figures suggest that there are 43,000 jobs in Great Yarmouth, which has a working-age (aged 16-65) population of 57,010. The 2019 job density in Great Yarmouth is 0.75, meaning there are 0.75 jobs per member of the Great Yarmouth working-age population.
Great Yarmouth had a mean average salary for full-time employees of £36,551 in 2021. Great Yarmouth's unemployment rate is 8.0% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Great Yarmouth is 57,010 or 57.5% of the total population.
In 2021, 92.0% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 17.0% are self-employed, and 83.0% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Great Yarmouth working-age (aged 16-64) population who have a degree or higher is 17.7%, which is below the 42.8% degree qualification rate for England.
Over 45% of the Great Yarmouth working-age population have at least 2 A-levels (or equivalent), and 11% have no qualifications.
Main page: Great Yarmouth Salary
The average salary in Great Yarmouth as of 2021 is £36,551. Between 2020 and 2021, average salaries grew by £1,609. Compare average salaries by area.
Great Yarmouth's salary growth rate is 4.60% per year based on changes in average salary between 2020 and 2021, which is 4.60% higher than the average salary growth rate in Great Yarmouth over the past 8 years.
Business data published by the ONS in 2020 show the most common job group in Great Yarmouth is Administrative Occupations, accounting for 16% of all roles in the area. In England as a whole, the largest job group is Business & Public Service Assoc. Professionals.
The fastest-growing type of job in Great Yarmouth is Skilled Metal, Electrical And Electronic Trades, with roles increasing 27% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Business & Public Service Assoc. Professionals||4,800||15.5%|
|Business, Media And Public Service Professionals||4,000||12.9%|
|Elementary Administration & Service Occs||3,400||11.0%||-32.0%|
|Skilled Metal, Electrical And Electronic Trades||3,300||10.6%||26.9%|
There was a 1% decrease in roles between 2019 and 2020. In England as a whole, there was a 2% decrease.
Based on the total number of jobs, the largest industry in Great Yarmouth is Health. Other major industries include Retail, Accommodation & Food Services, which represents over 10% of roles in Great Yarmouth.
Financial & Insurance companies make up 1% of the Great Yarmouth economy that's lower than the average for England as a whole (~3%).
1% of the total jobs in Great Yarmouth are in Information and Communication, one of the key sectors for the future, below the 5% of jobs in England as a whole.
|Accommodation & Food Services||6,000||15.7%|
|Professional, Scientific & Technical||3,000||7.9%|
The fastest-growing industry in Great Yarmouth is Agriculture, Forestry & Fishing, with jobs in the sector increasing 20% between 2019 and 2020 from 500 to 600. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Great Yarmouth between 2019 and 2020 was Manufacturing, which saw an 17% decrease in roles, going from 3,000 to 2,500. In England more broadly the industry with the biggest year on year decline was Arts, entertainment & recreation, with roles decreasing by 8%.
The Information and communication industry includes many of the top companies of the future. In Great Yarmouth, the number of roles in this sector has fallen by 0% over the past year, below the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 5 large businesses in Great Yarmouth, making up 0.2% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 50 medium-sized businesses based in Great Yarmouth, making up 1.7% of total businesses - in England, 1.5% of businesses are medium-sized. A medium-sized business is defined as having between 50 and 249 employees.
There are 295 small businesses based in Great Yarmouth, making up 10.3% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Great Yarmouth's unemployment rate is 8.0% that's 3% higher than the average unemployment rate for England as a whole. Unemployment rates are the number of unemployed people as a percentage of the working-age population.
The main group within the unemployment population is Student, representing 29.0% of the unemployed population.
Secondary classifications include groups: long-term sick, retired, other, all of which represent over 10% of the unemployed population.
In England as a whole, students are the main group within the unemployed population, accounting for 28.9% of the unemployed population.
Source: Office for National Statistics licensed under the Open Government Licence v.3.0. Contains OS data © Crown copyright and database right 2021. Data sources: ONS Local statistics