Newly released ONS subregional GDP and GVA statistics show that Buckinghamshire’s GDP in 2024 was estimated at £23.2 billion, contributing some £20.8 billion in GVA (GDP less net subsidies) to the UK economy.

Buckinghamshire outpaced the national average

Real GVA growth of 3.3% in Buckinghamshire outpaced the national average (England, 1.3%) in the year to 2024, ranking among the stronger performing economies in the South East region during the year.

The most significant feature of the latest data is not simply the growth rate, but the sectors driving it. Rather than being fuelled by short-term consumer spending or public sector expansion, growth in Buckinghamshire was led by high-value, knowledge-intensive and export-oriented sectors:

  • Professional, scientific and technical activities: +17.6%
  • Transportation and storage: +14.6%
  • Financial and insurance activities: +14.4%

This is particularly encouraging as these sectors typically generate higher levels of productivity, innovation and wages than the economy as a whole.

Professional, scientific and technical services alone added nearly £200m of additional economic output during the year, reflecting strong performance for consultancy, engineering, scientific and technical firms in Buckinghamshire.

Drivers of growth

While Buckinghamshire attracted several notable occupiers during 2024, including JATO Dynamics, Lucozade Ribena Suntory, BYD and the Cadillac Formula 1 team, the scale of the county’s strong GVA growth likely reflects broad-based expansion across existing professional and knowledge-intensive businesses.

Positive signs for the future

Although data for individual years should be interpreted with caution, the signs are that Buckinghamshire’s economy entered a strong phase from 2022, and that there has been an encouragingly positive shift in knowledge-intensive sector-led growth.

The results also reinforce findings from previous analysis of Buckinghamshire’s economy, which identified cluster strengths and growth opportunities in high-performance engineering, space, film & TV and life sciences – specialisms that help ensure Buckinghamshire is well-positioned to play a key role in the national 10-year growth plan.