According to economic forecasting consultancy Oxford Economics, the city's Gross Value Added (GVA) - a measure of the value of goods and services produced in an area - will rise to 3% by 2014, peaking at 3.3% in 2017. This is in contrast to last year's forecast which predicted a 2.9% peak in GVA over the same period.
But this is not expected to lead to a greater number of new jobs, partly because there have been fewer job losses than expected during the recession.
It is now estimated 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.
The research was commissioned by think tank New Economy on behalf of Greater Manchester Combined Authority (GMCA) which produces the Greater Manchester Forecasting Model (GMFM) every year.
Source: The Business Desk
