Economy of Cornwall

The economy of Cornwall in South West England, is largely dependent upon agriculture followed by tourism. Cornwall is one of the poorest areas in the United Kingdom with a GDP of 61.2 per cent of the national average in 2012. and is one of four UK areas that qualifies for poverty-related grants from the EU (European Social Fund). Farming and food processing (in 2006) contributed £366 million to the county, equal to 5.3% of Cornwall’s total GVA. The agricultural/food industry in Cornwall employs 9,500 people, (4.9% of all Cornish employees.) 23,700 (12.1% of all Cornish employees) are employed in the food industry in Cornwall The Cornish economy also depends heavily on its successful tourist industry which contributes 24% of Cornwall's GDP and supports about 1 in 5 jobs (19% in Kerrier, Restormel and Scilly, 24% in Penwith, 23% in North Cornwall, 22% in Carrick and 14% in Caradon). Tourism contributed £1.85 billion to the Cornish economy in 2011.

An updated (Jan 2013) overview of the Cornish economy can be found here

Cornwall qualified for Objective One European funding in 1999. Prior to this the Government had, for statistical purposes, incorporated it with Devon, under the Devonwall concept. In 1998 Cornwall was recognised by the UK Government as having "distinct cultural and historical factors reflecting a Celtic background", thus allowing it to be separated in a regional and economic sense from Devon.

Due to Cornwall producing less than 75% of the average European GDP, £350 million of Objective One funding was received between 2000 and 2006. The Combined Universities Campus at Tremough was one result of this funding. Objective One funding has been used in supporting and developing a largely indigenous food and farming industry which is now worth nearly two billion pounds a year. Other sectors have also benefited, including the 'creative industries', which have benefited from publicity and investment. Tourism also gained from the funding, and broadband provision was made a priority. There have been some complaints of fund mismanagement, for example, cases such as the £2 million funding towards the failed South West Film Studios at St Agnes.

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