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Economy of Great Yarmouth

Area selected: Great Yarmouth
  • England and Wales
  • England
  • East
  • Norfolk
  • Great Yarmouth
Pie Chart
GDP per capita
£19,781

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People
Unemployment rate
8.3%

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Business
Major Industry
Health

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GDP per capita
Unemployment rate
GDP growth per capita
Area type
Non-metropolitan District
Population
100,146
GDP
£2 billion
Average salary
£35,844
Labour force
59,949
Job Density
0.78

Economy of Great Yarmouth

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.

Compared to England's figures

  • The GDP value of Great Yarmouth represents 0.1% of the English economy. Great Yarmouth is the 148th non-metropolitan district in England (of 181 total) when ordered by GDP, and the 150th non-metropolitan district in England (of 181 total) when ordered by GDP per capita.
  • The 45,000 jobs in Great Yarmouth represents 0.1% of the 30,055,000 reported jobs in England. Great Yarmouth is the 148th non-metropolitan district in England (of 181 total) when ordered by total jobs, and the 111th non-metropolitan district in England (of 181 total) when ordered by job density.
  • Great Yarmouth's unemployment rate of 8.3% is 4.4% higher than the unemployment rate for England (3.9%).

Labour Market in Great Yarmouth

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.

Qualifications

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.

Qualifications classifications

  • NVQ 4: Degree or equivalent.
  • NVQ 3: 2 or more A levels or equivalent
  • NVQ 2: 5 or more GCSEs at grades A-C or equivalent
  • NVQ 1: fewer than 5 GCSEs at grades A-C or equivalent
  • NVQ Other: includes foreign qualifications and some professional qualifications.

Salaries in Great Yarmouth

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.

Average Salary
Salary Growth

Jobs in Great Yarmouth

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.

Occupation
Number
Percentage
CHANGE
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%
Sales Occupations 3,100 9.9%
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Industries in Great Yarmouth

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.

Industry
Number
Percentage
Health 8,000 21.0%
Accommodation & Food Services 6,000 15.8%
Retail 4,500 11.8%
Manufacturing 3,000 7.9%
Education 3,000 7.9%
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Industry growth in Great Yarmouth

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.

Person
Average age
46

Great Yarmouth Demographics Arrow Forward

Stats Chart
Crime rate (per 1,000 people)
11,621

Great Yarmouth Crime Arrow Forward

Home
Average rent
£625

Rental Market of Great Yarmouth Arrow Forward

Number of Businesses in Great Yarmouth

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.

Reasons for unemployment in Great Yarmouth

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.

  • Looking After Family 18.4%
  • Long-term Sick 27.2%
  • Retired 20.5%
  • Other 29.9%

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Areas near Great Yarmouth

District
Breckland
GDP per capita £20,375
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District
Broadland
GDP per capita £30,417
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District
Norwich
GDP per capita £31,285
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District
King's Lynn and West Norfolk
GDP per capita £22,864
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District
North Norfolk
GDP per capita £17,458
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District
South Norfolk
GDP per capita £23,220
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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

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