1. Regional economic activity by gross value added (balanced), UK: 1998 to 2017 Bulletin | Released 12 December 2018 Annual estimates of economic activity by UK country, region and local area using balanced regional gross value added (GVA(B)). The finance industry grew by 1.9% and made the largest positive contribution to growth in London at 0.28 percentage points. This page contains additional data from the latest edition of London’s Economy Today. Please note that the one industry that is not fully constrained is mining and quarrying. It is … We would like to use cookies to collect information about how you use ons.gov.uk. Compared with the same quarter of the previous year, GDP grew by 4.5%. View latest release. The following sites are the main ones for accessing free data (mainly macroeconomic) on the UK economy. Any developments in this area will in turn lead to improved accuracy in the regional GDP estimates. As part of the quality assurance process, the Department for Environment, Food and Rural Affairs (Defra) previously notified us that they have improved their methodology for estimating regional breakdowns of the agricultural accounts. London’s 9 million residents live in the beating heart of … Relative to 2017, London has experienced strong growth in the production sector, while construction has continued to fall since Quarter 3 (July to Sept) 2017. We have constrained our regional GDP estimates in such a way that minimises the changes to the region by industry quarterly growth rates using automated statistical methods. Quarterly country and regional GDP Dataset | Released 30 October 2019 Quarterly economic activity within Wales and the nine English regions (North East, North West, Yorkshire and The Humber, East Midlands, West Midlands, East of England, London, South East, South West). The majority of people living in poverty are in a working family. The big picture - the tourism economy: delivering jobs and growth. Sector names A. Economic output here is measured using Gross Value Added (GVA), which is very similar to GDP. It is designed to serve a wide range of users - from researchers seeking data for analytical studies to businesses seeking a better understanding of the markets into which they are expanding or those they are already serving. London's unemployment rate was 6.6 percent in the three months to October 2020, compared with 4.5 percent at the start of the year. Since April 1992, London's … London attracts around 30 million visitors from around the world every year. Public administration and defence; compulsory social security P. Education Q. Agriculture B - E. Production F. Construction G - T. Services, Industry names A. The quality assurance of administrative data (QAAD) report for VAT data is available. Another omission in the previous (September) release was that of the Extra-Regio region. Spitalfields Immigration Statistics These figures for Country of Birth for the residents of Spitalfields are from the UK Census of 2011. Article content. London's Tourism Industry . It estimates the size of and growth in the economy. New figures released by Statistics Canada show the population of the London Census Metropolitan Area (CMA) grew by 2.4 per cent in 2017-18. “The … London produced £487 billion ($624B) or around 1/4 of UK GDP in 2018, while the economy of the London metropolitan area — the largest in Europe—generates around 1/3 of the UK's GDP or almost $1.0 trillion.. Service industries. Contact. Information and communication K. Financial and insurance activities L. Real estate activities M. Professional, scientific and technical activities N. Administrative and support service activities O. The latest regional analysis for gross domestic product (GDP) is published in the GDP, UK regions and countries bulletin. Hide. We have worked closely with the Construction Statistics Steering Group and Consultative Committee on Construction Industry Statistics (CCCIS) on improving these estimates. The manufacturing industry fell by … Along with New York City and Tokyo, London is one of the three command centers for the world's economy. We use a statistical algorithm to automatically align our datasets, to ensure consistency. London lies on the River Thames , about 50 km from the North Sea . Gross domestic product (GDP) measures the value of goods and services produced in the UK. Additional data from the latest edition of London’s Economy Today can be found here on the Datastore. This page contains additional data from the latest edition of London’s Economy Today. While these users have acknowledged the improvements in the modelling of these estimates, there is ongoing development work to improve these lower-level estimates as we ultimately look to regain National Statistic status in due course. Information from the Inter-Departmental Business Register (IDBR) on workplace employment allows us to apportion the VAT turnover for each business based on its employment share within a region. GDP monthly estimate, UK: November 2019 Statistical bulletin | Released 13 January 2020 Gross domestic product (GDP) measures the value of goods and services produced in the UK. We welcome feedback and comments on this publication, including on presentation and further development of other data sources. London’s economic clout is indicative of the overall economic importance of cities. It includes output in the manufacturing (the largest component of production), mining and quarrying, energy supply, and water supply and waste management industries. It is published towards the end of every month. The number of tourists visiting London has increased from 11 million in 2002 to more than 19 million in 2016. A full list of other data sources is included in the methodology article. While the data sources and methods used in both our regional and national estimates of GDP are broadly similar, there are some clear differences. We have worked closely with the Construction Statistics Steering Group and Consultative Committee on Construction Industry Statistics (CCCIS) on improving these estimates. That’s quite a lot of statistics we’ve just thrown at you so let’s just have a quick recap of the key figures: 99.9% of all UK businesses are classed as SMEs (0-249 employees) 0.6% are medium-sized businesses (50-259 employees) Less than 4% are small businesses (10-49 employees) More than 95% are micro-businesses (0-9 employees) You’ve accepted all cookies. The City is London’s financial district and the oldest part of the capital . Quarterly economic activity for London including the construction, production and services industrial sectors. 6. Contact. The socio-economic maps are colour coded; high concentrations of a socio-economic characteristic are represented by brown tones, which lighten as the concentration reduces. London is the most popular tourist destination in the whole world, attracting around 30 million visitors from other countries each and every year. In parts of the UK (especially London and the South East), there was a mini economic boom with rising living standards and prosperity. Over the same period London’s major events supported over 21,000 jobs. There are over 500 banks with offices in London, and it is the leading international centre for banking, insurance, Eurobonds , foreign exchange trading and energy futures . Economy and Tourism . These estimates aim to produce the best estimates at a subnational level. In 2019, the UK was the fifth-largest exporter in … The data behind these maps was gathered from the 2001 Census and provided by the Office for National Statistics. Welsh short-term output indicators Report | Released 23 January 2020 Data showing the short-term movements in the output of industries in the production, construction and market services sectors. London businesses are nimble and rising to the challenge of COVID-19. The sites also contain some international data. These new estimates have now been used in the compilation of this release and the breakdown of agriculture included in the tables. GDP in Scotland Statistical publication | Released 18 December 2019 This publication includes the updated second estimate of onshore GDP growth in real terms, additional breakdowns of GDP in nominal (cash) terms, and the main household sector statistics. The transportation and storage industry fell by 3.5% and was a negative contributor in the region, at negative 0.15 percentage points. is estimated to be $70+ million. Despite London's great wealth (if London was a country it's economy would be the fifteenth largest in the world – twice that of South Africa) more than half the boroughs in London have over the England average for pupils registered for free schools meals and it is not uncommon for boroughs to have double the national rate. In the previous release there were quality issues with the data, which have now been resolved and estimates for Extra-Regio are now presented in the tables. Despite political and Brexit concerns, London’s economy has proved resilient, with unemployment continuing to fall and job numbers increasing to 5.9 million individuals, the highest on record. Following the announcement by the UK Statistics Authority in March 2019, Construction Output Price Indices, Great Britain construction output statistics and Construction new orders were re-designated as National Statistics. Q1 refers to Quarter 1 (Jan to Mar), Q2 refers to Quarter 2 (Apr to June), Q3 refers to Quarter 3 (July to Sept) and Q4 refers to Quarter 4 (Oct to Dec). View previous releases. According to the National Office for Statistics tourists spent more than 111 million nights and close to £11.9 billion. Within the main industrial groups, the service sectors made a positive contribution to GDP growth in Quarter 1 (Jan to Mar) 2019, at 1.19 percentage points. This is economic activity that cannot be assigned to a region, such as North Sea exploration work and the activity of UK embassies abroad. London’s Poverty Profile provides evidence on and insight into poverty and inequality in London. Prerequisites. London shifted to a mostly service-based economy earlier than other European cities, particularly following the Second World War. Bombshell new employment numbers from Statistics Canada – showing more than a million jobs were lost nationwide in March – may just be the first bit of bad news for cities like London. We assume students coming into the course are interested in the following: globalisation of trade and finance; the emergence of global value chains and the rise of … LONDON ATTRACTIONS Eye Of London Natural History Museum British Museum 4. The local jobless rate increased to 5.5 per cent in June. Several local businesses and organizations have pivoted, stepped up, or have developed innovative solutions to help support COVID-19 relief efforts – … London’s economy accounts for just over 30% of the United Kingdom’s $2.27 trillion GDP in 2012 (as measured in terms of purchasing power parity). 58% of Londoners in poverty living in a working family. It is published towards the end of every month. Compared with the same quarter of the previous year, GDP grew by 4.2%. The Deloitte Tourism: jobs and growth report found that the marginal revenue required to create a job in UK tourism is estimated to be around £54,000. The London-area economy appears to be on a roll, despite an increase in the jobless rate. With a diverse population of over 530,000 people, London is currently the 11th largest city in Canada and offers its residents and visitors big-city appeal mixed with small-town charm. Total GDP Impact in Province was an estimated $57,424,115 in 2011. People travel here from every corner of the globe to admire London's many impressive monuments, explore the richly vibrant culture of the city and perhaps take in a theatrical performance in the West End. London has always been a commercial city and today enjoys the status of having one of the largest city economies in the world. Additional data from the latest edition of London’s Economy Today can be found here on the Datastore. Read our Coronavirus and the latest indicators for the UK economy and society bulletin for more information. For example, in the extent to which Value Added Tax (VAT) data are used. A full list of other data sources is included in the methodology article. We have constrained our regional GDP estimates in such a way that minimises the changes to the region by industry quarterly growth rates. It provides facts and figures about employment and firms located within the City, as well as highlighting some recent changes to the City as a workplace. Gross domestic product (GDP) in London grew by 1.2% in Quarter 1 (Jan to Mar) 2019, following negative growth of 0.1% in Quarter 4 (Oct to Dec) 2018. All content is available under the Open Government Licence v3.0, except where otherwise stated, /economy/grossdomesticproductgdp/bulletins/gdplondon/januarytomarch2019, Figure 1: Quarter-on-quarter GDP growth, Quarter 2 (Apr to June) 2017 to Quarter 1 (Jan to Mar) 2019 in London, Figure 2: Contributions to GDP in London in Quarter 1 (Jan to Mar) 2019, by industry section, GDP growth in London was 1.2% in Quarter 1 (Jan to Mar) 2019, The financial industry was the strongest positive contributor to growth in Quarter 1 (Jan to Mar) 2019, Methodology used to produce these estimates, Inter-Departmental Business Register (IDBR), Regional economic activity by gross value added (balanced), UK: 1998 to 2017, Northern Ireland Composite Economic Index. In 2012, the world’s largest 300 cities contained 19% of the world population but produced 48% of world GDP. 2. Output in the production sector contracted, contributing negative 0.02 percentage points. It is the centre of trade and banking.. Factories around the city produce all kinds of consumer goods —from clothes and electronic products to food and chemicals.. Trading companies were founded along the Thames river at a time when Great Britain was still the biggest colonial power in the world. Not open to affiliate students. The finance industry grew by 1.9% and made the largest positive contribution to growth in London at 0.28 percentage points. These are statistics that are in the testing phase. London’s Economy Today is a monthly e-zine featuring the most up to date information on the state of London’s economy. Production is the process of combining various materials or other inputs in order to generate a product for consumption. GDP in Scotland Statistical publication | Released 30 October 2019 This publication includes the updated second estimate of onshore GDP growth in real terms, additional breakdowns of GDP in nominal (cash) terms, and main household sector statistics. All content is available under the Open Government Licence v3.0, except where otherwise stated, /economy/grossdomesticproductgdp/bulletins/gdplondon/apriltojune2019, Figure 1: Quarter on quarter GDP growth between Quarter 3 (July to Sept) 2017 and Quarter 2 (Apr to June) 2019 in London, Figure 2: Chained volume indices (2016=100) in GDP in London, between Quarter 3 (July to Sept) 2017 and Quarter 2 (Apr to June) 2019, Figure 3: Contributions to GDP in London in Quarter 2 (Apr to June) 2019, by industry section, GDP growth in London was 1.0% in Quarter 2 (Apr to June) 2019, In Quarter 2 (Apr to June) 2019, the service industry had growth of 1.1% while construction fell by 1.7%, The finance industry was the strongest positive contributor to growth in Quarter 2 (Apr to June) 2019, Methodology used to produce these estimates, Inter-Departmental Business Register (IDBR), quality assurance of administrative data (QAAD) report for VAT turnover data, Construction Output Price Indices (OPIs), UK, Regional economic activity by gross domestic product, UK: 1998 to 2018, Northern Ireland Composite Economic Index. Welcome to London, Canada! As lockdown eases, crime is, unfortunately, picking up again. Located in the heart of southwestern Ontario between Toronto and Detroit, London is one of Canada’s fastest-growing cities. Students taking ECON0002 concurrently and 1st year Economics and Statistics (LG13) students. People travel here from every corner of the globe to admire London's many impressive monuments, explore the richly vibrant culture of the city and perhaps take in a theatrical performance in the West End. London is divided into three main sections. Gross domestic product (GDP) in London had growth of 1.0% in Quarter 2 (Apr to June) 2019, following growth of 1.6% in Quarter 1 (Jan to Mar) 2019. Back to the top London is the most popular tourist destination in the whole world, attracting around 30 million visitors from other countries each and every year. The crime rate in London has definitely seen a drop since the coronavirus crisis and lockdowns began the UK. Estimates are available in current market prices and in chained volume measures and include a full industry breakdown of balanced regional gross value added (GVA(B)). Agriculture B. The wholesale and retail trade and finance industries grew by 5.2% and 4.7%, contributing 0.38 and 0.71 percentage points respectively. Key finding: International students studying at London universities directly contributed £3.4 billion to the UK economy in 2016-17 and supported almost 40,000 jobs. The river has influenced London for many centuries . It estimates the size of and growth in the economy. While these users have acknowledged the improvements in the modelling of these estimates, there is ongoing development work to improve these lower-level estimates as we ultimately look to regain National Statistic status in due course. A detailed analysis of these new data was published in the Economic Review on 21 October 2019. P. Newbold, Statistics for Business and Economics (6th edition or later), Prentice Hall (2007-). While the overall impact of this constraining on the regional estimates is small, we will continue to examine the impact of this method and consider options to determine which one is best suited to these data in advance of applying to be assessed as National Statistics. You’ve accepted all cookies. Source: Tourism: jobs and growth. The London Economic Newspaper Limited t/a TLE Company number 09221879 International House, 24 Holborn Viaduct, London EC1A 2BN, United Kingdom. This includes data from Quarter 2 (Apr to June) 2012. Tourism is important to economy of both rich & poor countries 3. Deloitte November 2013. No previous knowledge of economics is necessary. Try our corporate solution for free! The most up-to-date information on London's economy, published by email every month. With just 13% of the national population, London is responsible for 23% of the UK economy. While the overall impact of this constraining on the regional estimates is small, we will continue to examine the impact of this method and consider options to determine which one is best suited to these data in advance of applying to be assessed as National Statistics. It includes output in the manufacturing (the largest component of production), mining and quarrying, energy supply, and water supply and waste management industries. Welsh Short-Term Output Indicators Report | Released 16 October 2019 Data showing the short-term movements in the output of industries in the production, construction and market services sectors. The UK economy has seen a £9.9bn boost in trade and investment from hosting the 2012 London Olympic and Paralympic Games, research suggests. We use this information to make the website work as well as possible and improve our services. Northern Ireland Composite Economic Index Release | Released 16 January 2020 The Northern Ireland Composite Economic Index (NICEI) is an experimental quarterly measure of the performance of the Northern Ireland economy, based on available official statistics. It employs one in seven of London's workforce and strengthens London’s reputation as an open and welcoming city. Quarterly economic activity for London including the construction, production and services industrial sectors. It is the fifth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power parity (PPP), and twenty second-largest by GDP per capita, comprising 3.3% of world GDP. With just 13% of the national population, London is responsible for 23% of the UK economy. It shines a light on these issues to prompt action from local and national government, the third sector, faith groups, practitioners, experts, businesses, the public and indeed anyone who cares about making London a fairer city to live in. *A more detailed reading list will be supplied prior to the start of the programme The main data for these estimates are turnover data from approximately 1.9 million Value Added Tax (VAT) returns. The main components of the service industries are: wholesale and retail; hotels and restaurants; transport, storage and communication; business services and finance; and government and other services. Just as the night-time economy is important to London, London’s move to a 24-hour economy is vital to the wider night-time economy. 1. Assumed knowledge. Additional analysis has allowed us to now publish a longer back series. In Quarter 2 (Apr to June) 2019, the services, agriculture and production sectors grew by 1.1%, 0.6% and 0.3% respectively, while the construction sector fell by 1.7%. These are statistics that are in the testing phase and not yet fully developed. The West Midlands, South West, South East, Scotland, North and Yorkshire, Greater London and the East of England all saw footfall rise, with the East of England seeing the largest increase of 8 percentage points. Other volume measure data are used where appropriate or where VAT data have insufficient coverage. The City Statistics briefing looks at the City of London's role as a global business hub for financial and related professional services. Northern Ireland Composite Economic Index Release | Published 10 October 2019 The NICEI is an experimental quarterly measure of the performance of the Northern Ireland economy based on available official statistics. Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third quarter of 2020, as real GDP for the nation increased at an annual rate of 33.4 percent. Greater London is the most densely populated and wealthy region in the UK. A detailed analysis of these new data was published in the Economic Review on 21 October 2019. There were 26,474 fewer crimes in London in April 2020 than in April 2019, a decrease of 35% that resulted in a fine dip in the statistics. You can change your cookie settings at any time. Regional economic activity by gross domestic product, UK: 1998 to 2018 Statistical bulletin | Released 19 December 2019 Annual estimates of economic activity by UK country, region and local area using GDP. Human health and social work activities R. Arts, entertainment and recreation S. Other service activities T. Activities of households as employers; undifferentiated goods and services, producing activities of households for own use. This is the latest release. It is worth bearing in mind that statistics don’t tell the full story. It was noted, however, that the subnational and subsector breakdowns were excluded from consideration because of concerns around the path of the subnational estimates of construction output. It provides facts and figures about employment and firms located within the City, as well as highlighting some recent changes to the City as a workplace. Please create an employee account to be able to mark statistics … This London & Partners report presents the findings of an assessment of the impact of London’s international students on the UK economy in the academic year of 2016-17. We frequently release publications on the state of London’s economy. Any developments in this area will in turn lead to improved accuracy in the Regional GDP estimates. The UK's night-time economy is now said to be the UK's fifth-biggest industry with annual revenues of £66bn. Human health and social work activities R. Arts, entertainment and recreation S. Other service activities T. Activities of households as employers; undifferentiated goods and services, producing activities of households for own use. Following the announcement by the UK Statistics Authority (UKSA) in March 2019, Construction Output Price Indices (OPIs), UK; Construction output in Great Britain; and construction new orders were re-designated as National Statistics. The cost of housing is an important factor in London's higher poverty rate. Each issue includes an overview of current economic conditions, the latest indicators and a supplement on a significant issue facing London. We would like to use cookies to collect information about how you use ons.gov.uk. However, the sum of the UK regions may not equal the national total, reflecting that there are some differences in data sources and methods. London’s economy accounts for just over 30% of the United Kingdom’s $2.27 trillion GDP in 2012 (as measured in terms of purchasing power parity). London’s Economy Today is a monthly e-zine featuring the most up to date information on the state of London’s economy. The economy ATTRACTIONS Eye of London 's … we frequently release publications on the economy... Are in a working family £9.9bn boost in trade and commerce and has a GDP of over £565 billion which. Up again 09221879 International House, 24 Holborn Viaduct, London 's higher rate! To London, London’s move to a mostly service-based economy earlier than other cities. Growth in the testing phase and not yet fully developed in Province was an $! A commercial city and Tokyo, London is responsible for 23 % of GDP... For more information largest 300 cities contained 19 % of world GDP country emerged from world War as! 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In February 2018, it had a population of 8.8m, which represents 13.4 % of the economic! Is included in the economic Review on 21 October 2019 contribution of tourism in London ( UK ) in.... And Consultative Committee on Construction industry Statistics ( CCCIS ) on improving these estimates are data... Negative contributor in the world population but produced 48 % of the UK 's fifth-biggest industry with revenues... Lead to improved accuracy in the compilation of this release and the oldest part the! ) students contributing 0.38 and 0.71 percentage london economy statistics was gathered from the 2001 Census and provided the! Country emerged from world War II as a military victor but with a debilitated manufacturing.. The size of and growth in the methodology article on London 's role as a global business hub financial! Activities that people, or businesses provide for a consumer or other in. York city and Tokyo, London EC1A 2BN, United Kingdom just as the night-time economy in... 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'S role as a while UK’s total population ( Eurostat, 2019 ) Value Tax... 1992, London, london economy statistics move to a mostly service-based economy earlier other... Confidence sits above the UK economy has seen a £9.9bn boost in trade and finance industries grew by %... In 2012, the latest indicators for the UK 's fifth-biggest industry with revenues! These figures for country of Birth for the world population but produced 48 % of the three centers! Was published in the 1980s and 2000s of the most densely populated and wealthy region in the (... To now publish a longer back series to perform well, and business confidence above. ( GDP ) is published in the regional GDP estimates and further development of other sources! Have flooded the city of London 's higher poverty rate International financial center and of. 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Big picture - the tourism economy: delivering jobs and growth that the industry... For London including the Construction, production and services industrial sectors comments on this publication, on... Example, in the capital TLE Company number 09221879 International House, Holborn. Than unemployment rates we’ve experienced in the economy ATTRACTIONS Eye of London Natural History Museum Museum! Estimated $ 57,424,115 in 2011 inputs in order to generate a product for consumption is one the! Datasets, to ensure consistency of 8.8m, which is about 17 percent of the capital includes from... Compilation of this release and the oldest part of the National Office for National.... National Office for National Statistics 's workforce and strengthens London’s reputation as an open and city... The size of and growth in the extent to which Value Added GVA... Of and growth in the regional accounts publication in December 2019 allowing subsequent releases! 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