Cornwall's Economy

The transformation continues
Cornwall has long been at the leading edge of economic change. Cornish entrepreneurs and engineers helped kick-start Britain's first industrial revolution, but the decline of industries such as mining and fishing brought severe challenges. By the 1990s the county was suffering from high unemployment and low levels of earnings. However, as a result of significant investment the past decade has seen substantial change.

As a result of the turbulent 90's, Cornwall and the Isles of Scilly were classified as an 'Objective One' region within the EU, thus enabling it to benefit from major structural funding to improve its competitiveness. The Objective One programme runs from 2000 till the end of 2007 and has made a dramatic impact on the county's economy.

Between 2000 and 2003, Cornwall's economic growth outstripped most comparable EU regions, with GDP (gross domestic product) per head rising by over 10%. And this was before the impact of the two biggest investment projects - the creation of the Combined Universities in Cornwall and the roll-out of broadband - had begun to be felt.

These achievements have created a solid foundation for the next phase of development. Supported by a new £445 million programme of EU 'Convergence' funding, Cornwall is moving towards a strong and sustainable knowledge-based economy that takes full advantage of technological advances and rising skills levels.

Find out more about Cornwall's main economic features.