The Gross Domestic Product (GDP) in Great Yarmouth was worth an estimated £2 billion in 2020, according to figures published by the ONS. Great Yarmouth's GDP growth between 2019 and 2020 was -5.7% per year. Compare GDP by area.
The Health industry is the largest in Great Yarmouth based on the number of jobs, accounting for 21.0% of roles in the area.
2020 ONS figures suggest that there are 45,000 jobs in Great Yarmouth, which has a working-age (aged 16-65) population of 59,949. The 2020 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 £35,844 in 2022. Great Yarmouth's unemployment rate is 8.3% as of 2021. Compare unemployment rate by area.
The 2020 labour force or working-age population in Great Yarmouth is 59,949 or 59.9% of the total population.
In 2022, 91.7% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 10.4% are self-employed, and 89.6% are employees.
The Annual Population Survey for 2021 published by the ONS reports the percentage of the Great Yarmouth working-age (aged 16-64) population who have a degree or higher is 24.0%, which is below the 42.8% degree qualification rate for England.
Over 53% of the Great Yarmouth working-age population have at least 2 A-levels (or equivalent), and 13% have no qualifications.
Main page: Great Yarmouth Salary
The average salary in Great Yarmouth as of 2022 is £35,844. Between 2021 and 2022, average salaries fell by £707. Compare average salaries by area.
Great Yarmouth's salary growth rate is -1.93% per year based on changes in average salary between 2021 and 2022, which is 1.93% lower than the average salary growth rate in Great Yarmouth over the past 8 years.
Business data published by the ONS in 2021 show the most common job group in Great Yarmouth is Elementary Administration & Service Occs, accounting for 13% 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 Other Managers And Proprietors, with roles increasing 67% between July 2021 and July 2022. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Elementary Administration & Service Occs||4,000||12.7%||17.6%|
|Business, Media And Public Service Professionals||3,500||11.1%||-12.5%|
|Business & Public Service Assoc. Professionals||3,400||10.8%||-29.2%|
|Corporate Managers And Directors||3,300||10.5%||37.5%|
There was a 0% decrease in roles between 2020 and 2021. In England as a whole, there was a 3% 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||15.8%|
The fastest-growing industry in Great Yarmouth is Property, with jobs in the sector increasing 40% between 2020 and 2021 from 250 to 350. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Great Yarmouth between 2020 and 2021 was Agriculture, forestry & fishing, which saw an 25% decrease in roles, going from 600 to 450. 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.
2022 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 45 medium-sized businesses based in Great Yarmouth, making up 1.6% 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 305 small businesses based in Great Yarmouth, making up 10.7% 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 8.3% 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 Other, representing 29.9% of the unemployed population.
Secondary classifications include groups: looking after family, long-term sick, retired, 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 2022. Data sources: ONS Local statistics