Business Turnover In Wales Exceeds £115bn In 2018

by Jamie Adrankone

Business Turnover In Wales Exceeds £115bn In 2018

The last 12 months have been good for businesses in Wales – so much so that they collectively achieved an annual turnover of £115 billion in 2018.

In addition to this news, total turnover for just the top 300 firms in Wales was £35.7 billion, an increase of ten per cent from last year’s figure of £34.9 billion.

Speaking with Wales Online, Professor Dylan Jones-Evans from the University of South Wales, stated: “The impact of this year’s Wales Top 300 companies cannot be underestimated.”

He noted that turnover of the top 300 businesses has increased by a tenth, while employment levels have only grown by six per cent, “suggesting that these firms are becoming more productive”.

What’s more, they account for a third of the entire turnover for Welsh businesses, showing just how successful these enterprises are for the country.

Economy secretary Ken Skates also praised the success of Welsh companies, saying they are “driving the growth of our economy and providing jobs in the heart of our economy”.

The top 300 companies in Wales supports nearly 157,000 jobs alone, in a variety of sectors, including agriculture, food, mining, engineering, manufacturing, construction, property, retail, creative, technology, transport, haulage, financial services, sports and leisure, and charity and personal services.

This is helping to bolster growing employment figures. The latest statistics from the government showed the employment rate was 75.3 per cent in the three months leading to October 2018, an increase of 2.5 percentage points from the same quarter in 2017.

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