Quarterly, annual and bespoke reports on the Welsh economy
- Tracking the supply of, and demand for, finance across Wales
- Improving the understanding of SMEs and their role within the Welsh economy
- Creating innovative ways of measuring, interpreting and tracking SME data
- Identifying and addressing Welsh SME finance data gaps
- Improving the understanding of the Development Bank of Wales’ wider economic impact
Economic Intelligence Wales is a unique collaboration between the Development Bank of Wales, Cardiff Business School and the Office for National Statistics (ONS).
Cardiff Business School leads on producing the research outputs utilising data from the ONS, StatsWales, the Development Bank of Wales and other data sources. Representatives from the three organisations form the Economic Intelligence Wales Steering Group which reviews and approves research outputs for publication.
"I see Economic Intelligence Wales as a strategic national asset and a key mechanism that can help shape future policy development within the arena of access to finance."
Our latest report
Covid-19 Welsh Government financial interventions: An analysis of Welsh beneficiaries, December 2020
Covid-19 is having deep social and economic impacts, which are likely to deepen as the pandemic continues. The Welsh Government and UK government mobilised to mitigate the effects on businesses in Wales. The scale and speed of the interventions have been unprecedented and crucial, particularly given the problems facing businesses in Wales from March 2020 onwards.
This report, jointly commissioned by Economic Intelligence Wales, Development Bank of Wales and Welsh Government, analyses the Welsh beneficiaries and forms the first stage of an ongoing research programme.
Some of the notable findings identified in the report include:
- UK Government grants totalled £2.134 billion with £1.819 billion in loans issued through the British Business Bank.
- £1 billion additional Welsh Government investment supporting 141,000 jobs during Covid-19 pandemic.
- The first 2 phases of the Economic Resilience Fund (ERF) have provided £203m of grants to support businesses in Wales.
- In total these ERF business grants have directly supported almost 12,000 businesses in Wales and 125,000 jobs (full-time plus part-time), representing around 10.5% of total employment in Wales.
- The Covid-19 Wales Business Loan Scheme (CWBLS), which closed at the end of July, supported 1,332 businesses, and supplied loans totalling over £92m, representing an average of almost £69,000 per business assisted. Over 16,000 jobs are estimated to be safeguarded by the scheme. On average around 12 jobs were safeguarded in each firm through CWBLS.
- Just over 64,000 separate payments were made through the Non-Domestic Rates (NDR) grant scheme with firms and organisations receiving close to £770m of funds through this scheme.
Quarterly and annual reports on SME finance in Wales
This is the first Economic Intelligence Wales Quarterly Report (QR) for the 2020/21 financial year. Examining SMEs and their access to finance is increasingly important amid the Covid-19 pandemic, the subsequent mitigation policies, and the major global economic turbulence that has resulted. In 2020Q2, the UK and global economy went into recession, with increases in unemployment, and many workers supported by the UK government furlough scheme.
A summary infographic for the Quarterly Report September 2020 can be accessed below.
This is the second Economic Intelligence Wales Annual Report (AR). In 2020 Q1 the economic impacts of the COVID-19 pandemic and lockdown policies started to be felt in the Welsh and UK economy. The UK (and global) economy will dip into a serious recession in 2020. However, the spread of the pandemic affected a UK economy that was already slowing down, with both production and investment facing significant problems in anticipation of the UK departure from the EU and the beginning of the transition period.
A summary infographic for the Annual Report 2019/20 can be accessed below.
QR3 was finalised at the end of March 2020. Through March 2020, the economic impacts of Coronavirus were starting to be felt in the Welsh and UK economy. The pandemic problem comes on top of the economic impacts caused by widespread flooding after Storms Ciara and Dennis. This QR3 2019/20 also comes in the aftermath of the UK’s departure from the EU and the beginning of the transition period.
This is the second EIW quarterly report (QR) for the 2019/20 financial year. QR2 builds on and expands the baseline picture of Welsh SME activity established in the QRs of the previous financial year. The new decade sees some reduction in economic and political uncertainty as a result of the General Election outcome. The report finds that Welsh SME confidence is no longer a positive outlier for the UK and has dropped significantly.
A summary infographic for the February 2020 quarterly report can be accessed below.
This is the first EIW quarterly report (QR) for the 2019/20 financial year. QR1 builds on and expands the baseline picture of Welsh SME activity established in the QRs of the previous financial year. In this period of heightened uncertainty, understanding how the Welsh economy and its SMEs are uniquely affected is increasingly important. The report finds that small firms in Wales remain confident despite turnover for SMEs having dropped by 2.4% between 2013 and 2018.
A summary infographic for the October 2019 quarterly report can be accessed below.
This is the first Economic Intelligence Wales Annual Report. This report develops and expands the baseline picture of Welsh SME activity established in the first three quarterly reports of 2018/19. It finds that over the last year, indicators of economic health are presenting conflicting messages. Despite a sharp 20% decline of micro business turnover in Wales captured in EIW QR3 and the recent increase in High risk credit ratings, Welsh SME confidence levels and the proportion of SMEs making use of external finance remain higher than the UK averages.
A summary infographic for the August 2019 annual report can be accessed below.
Third in the 2018/19 series of quarterly reports produced by Cardiff Business School for Economic Intelligence Wales. QR3 builds on and expands the baseline picture of Welsh SME activity established in QR1 (June 2018) and QR2 (November 2018).
This is the second in a quarterly series of Economic Intelligence Wales (EIW) reports by Cardiff Business School examining key SME trends in the Welsh economy, particularly in respect to the demand and supply for finance provision.
This is the first in a quarterly series of Economic Intelligence Wales (EIW) reports by Cardiff Business School examining key SME trends in the Welsh economy, particularly in respect to the demand and supply for finance provision.
A summary infographic for the June 2018 quarterly report can be accessed below.
This report is the first in a longer-term programme of work to investigate the effectiveness of business finance interventions through the Welsh Government’s Economic Resilience Fund (ERF). Welsh Ministers decided upon a series of additional responses to assist businesses affected by Covid-19, with these developed to complement UK-wide interventions such as the Job Retention Scheme.
A summary infographic for the Covid-19 Welsh Government financial interventions, December 2020 can be accessed below.
Business succession in Wales has been described as a ‘ticking timebomb’. Economic Intelligence Wales is launching a project to look deeper into this issue, with this briefing giving an initial overview as a prelude to future research.
This report examines business structure in Wales and the role of medium-sized firms in particular. This focus was motivated by previous studies that have suggested that there might be a ‘missing middle’ in Wales. The report focuses on the importance of medium-sized firms in the Welsh economy compared to other economies. It also identifies issues with SME dynamism in Wales.
A summary infographic for the Medium-sized firms and Welsh business structure 2019 report can be accessed below.
The report examines SME access to equity finance in Wales, and the extent to which Cardiff is a developing equity cluster, in order to potentially develop more clusters across Wales. The bespoke report considers the definition of equity clusters, and combines a review of data with consultations with leaders in financial services. The report reveals a number of strengths, weaknesses, opportunities and threats for the growth of SME equity finance in Wales.
A summary infographic for the Equity Clusters in Wales 2019 report can be accessed below.
This report is focused on Welsh supply and demand for export finance amongst small and medium-sized enterprises (SMEs). The report examines the role of export finance for SMEs, and includes the findings from an Export Finance Survey of over 500 Welsh SMEs undertaken in November/December 2018, exploring SME export activity, intentions, finance needs and exporting constraints.
A summary infographic for the February 2019 quarterly report can be accessed below.
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