Gwynedd's stagnant job market may be suppressing economic growth, new figures suggest.

The steady rate of job creation and destruction is necessary for long-term economic growth because it encourages new ideas and activities, the Office for National Statistics said.

The Institute for Public Policy Research said a healthy economy is "driven by businesses that are constantly changing, evolving and adapting to market conditions".

But ONS figures show the market is stagnant, with fewer roles created and destroyed and job creation and destruction rates falling in 87% of areas between 2004-07 and 2016-19, including Gwynedd.

Chancellor Rachel Reeves announced a National Wealth Fund, a £7.3 billion state investment in businesses in manufacturing, green and other high-growth industries to boost the economy. Ms Reeves hopes to secure triple this in private investment to help finance the fund.

IPPR research fellow Pranesh Narayanan, said Labour "seems to be taking the right steps in driving risky investments" to aid a stagnating jobs market with its National Wealth Fund.

Gwynedd’s job market followed the stagnating national trend, as creation and destruction rates fell from 14.6% and 13.3% in 2004-07 to 11.3% and 10.4% in 2016-19 respectively.

A growing economy requires creation and destruction rates to increase, indicating higher job churn and fuelling greater "creative destruction".

Mr Narayanan said: "Most of the country has fallen into economic stasis, driven by established businesses reducing their rate of job creation and destruction.

"This suggests an increasing nervousness to risk-taking among established businesses and highlights the need for a new approach to economic policy."

4.4 million jobs were created across the UK in 2022, while 4 million were destroyed. In 2021 the pandemic was a major factor in the net loss of 200,000 jobs – the first time more jobs were destroyed than created since 2010, when 1.2 million were lost following the 2008 financial crash.

In Gwynedd, 5,485 jobs were created in 2022; 4,860 jobs were destroyed, meaning there was net job growth of 625.

In 2021, 90 more jobs were created than lost, while there was a fall of 2,455 in 2010.