London is divided into three main sections. The number of tourists visiting London has increased from 11 million in 2002 to more than 19 million in 2016. Rising tides have flooded the city more than once. Additional analysis has allowed us to now publish a longer back series. 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. This page contains additional data from the latest edition of London’s Economy Today. 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. This publication includes a consistent time series of growth rates and indices back to 2012; these data are consistent with the Blue Book 2019-consistent regional accounts estimates published in December 2019. 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. The annual rate was slightly slower than ... London’s economy would be 1 per cent lower (the joint least negative result with the South West) than if it … 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. Agriculture B. 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. The services sector made a positive contribution to London’s gross domestic product (GDP) growth in Quarter 2 (Apr to June) 2019, at 1.01 percentage points. The main data for these estimates are turnover data from approximately 1.9 million Value Added Tax (VAT) returns. 1. View latest release. It has a GDP of over £565 billion, which is about 17 percent of the UK's total GDP. The most up-to-date information on London's economy, published by email every month. It is published towards the end of every month. The cost of housing is an important factor in London's higher poverty rate. Some key figures: In 2016, London’s GVA of £408 billion accounted for 23% of the UK total (£1,748 billion), with … Unfortunately we were unable to process these data in time for the previous (September) release. Production is the process of combining various materials or other inputs in order to generate a product for consumption. 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. This statistic shows the economic contribution of tourism in London (UK) in 2013. 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. These statistics can tell you if Spitalfields is an economically deprived area and how hard it might be to get a job. Mining and quarrying C. Manufacturing D. Electricity, gas, steam and air conditioning supply E. Water supply; sewerage, waste management and remediation activities F. Construction G. Wholesale and retail trade; repair of motor vehicles and motorcycles H. Transportation and storage I. Accommodation and food service activities J. For example, in the extent to which Value Added Tax (VAT) data are used in the compliation of these estimates. Contact. 21% were full-time students, compared to 12% in the gig economy as a whole, while 28% were carers. You’ve accepted all cookies. With just 13% of the national population, London is responsible for 23% of the UK economy. Please create an employee account to be able to mark statistics … 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%. 6. This includes data from Quarter 2 (Apr to June) 2012. 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. Welcome to London, Canada! 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. 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. Additional data from the latest edition of London’s Economy Today can be found here on the Datastore. Along with New York City and Tokyo, London is one of the three command centers for the world's economy. Regional growth figures are adjusted for inflation. Read our Coronavirus and the latest indicators for the UK economy and society bulletin for more information. While the data sources and methods used in both our regional and national estimates of gross domestic product (GDP) are broadly similar, there are some clear differences. 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. Output in the production sector contracted, contributing negative 0.02 percentage points. We would like to use cookies to collect information about how you use ons.gov.uk. Deloitte November 2013. This is the latest release. We have worked closely with the Construction Statistics Steering Group and Consultative Committee on Construction Industry Statistics (CCCIS) on improving these estimates. Hide. These new estimates have now been used in the compilation of this release and the breakdown of agriculture included in the tables. Students taking ECON0002 concurrently and 1st year Economics and Statistics (LG13) students. long-term economic impact of the london olympics from 2012 to 2015 total stimulus for the economy £5.1 billion increase in economic output per year £1.37 billion additional income for uk residents per year £296 million percent of overall expected growth of the national economy 3.5% … These are statistics that are in the testing phase and not yet fully developed. Source: Tourism: jobs and growth. 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 … This compares to 56% in the gig economy as a while. London is the most popular tourist destination in the whole world, attracting around 30 million visitors from other countries each and every year. This is not the latest release. Gross domestic product (GDP) measures the value of goods and services produced in the UK. 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. P. Newbold, Statistics for Business and Economics (6th edition or later), Prentice Hall (2007-). We have worked closely with the Construction Statistics Steering Group and Consultative Committee on Construction Industry Statistics (CCCIS) on improving these estimates. Over the same period London’s major events supported over 21,000 jobs. London’s economic clout is indicative of the overall economic importance of cities. London is the UK’s main economic and financial centre. Each issue includes an overview of current economic conditions, the latest indicators and a supplement on a significant issue facing London. These are statistics that are in the testing phase. 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 businesses are nimble and rising to the challenge of COVID-19. London represents up to 40% of the £66bn estimate for the total UK night-time economy.5 Once multiplier impacts are included, the overall contribution of London’s night-time economy is just over £40 billion. London economy (including transportation, accommodations etc.) The finance industry grew by 1.9% and made the largest positive contribution to growth in London at 0.28 percentage points. Agriculture B. When the world changes, we can still change the world. Effect of Tourism in London's economy. No previous knowledge of economics is necessary. 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. We use this information to make the website work as well as possible and improve our services. We will continue to develop these statistics and seek users’ views on their uses and needs for these data. 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. The data behind these maps was gathered from the 2001 Census and provided by the Office for National Statistics. 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 … 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 . 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 City Statistics briefing looks at the City of London's role as a global business hub for financial and related professional services. 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. London’s 9 million residents live in the beating heart of … The largest industry in London is finance, but professional services, media such as the BBC, and tourism are also large industries in the city. The City is London’s financial district and the oldest part of the capital . 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. We use a statistical algorithm to automatically align our datasets, to ensure consistency. It includes output in the manufacturing (the largest component of production), mining and quarrying, energy supply, and water supply and waste management industries. London is a major centre for international business and commerce and is one of the three "command centres" of the global economy (alongside New York City and Tokyo). This is economic activity that cannot be assigned to a region, such as North Sea exploration work and the activity of UK embassies abroad. The quality assurance of administrative data (QAAD) report for VAT turnover data is available. Each issue includes an overview of current economic conditions, the latest indicators and a supplement on a significant issue facing London. 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. The majority of people living in poverty are in a working family. 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. The London-area economy appears to be on a roll, despite an increase in the jobless rate. Total GDP Impact in Province was an estimated $57,424,115 in 2011. Over a third were based in London, compared to 13% of the general UK population and just under a quarter of gig economy workers. A detailed analysis of these new data was published in the Economic Review on 21 October 2019. The most up-to-date information on London's economy, published by email every month. London shifted to a mostly service-based economy earlier than other European cities, particularly following the Second World War. The local jobless rate increased to 5.5 per cent in June. As lockdown eases, crime is, unfortunately, picking up again. Hide. Other volume measure data are used where appropriate, or where VAT data has insufficient coverage. Direct GDP Impact: City ($35,990,921) Indirect GDP Impact: Rest of Ontario ($21,433,193) Indirect GDP Impact: Out of Province ($3,220,305) 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. A detailed analysis of these new data was published in the Economic Review on 21 October 2019. London’s economy grew at double the rate achieved by the country as a whole last year, while a third of the regions in the UK saw output per head fall in real terms. Services are activities that people, or businesses provide for a consumer or other businesses. Clear skies dawned over London on December 5, 1952. You can change your cookie settings at any time. London's Tourism Industry . We have two regular publications (London’s Economy Today and London’s Economic Outlook) as well as our individual publications.All our publications include analysis of the latest economic developments and data, and our interpretations of how this may affect London and policy for the capital. London attracts around 30 million visitors from around the world every year. GDP monthly estimate, UK: August 2019 Bulletin | Released 10 October 2019 Gross domestic product (GDP) measures the value of goods and services produced in the UK. 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)). United Kingdom - United Kingdom - Economy: The United Kingdom has a fiercely independent, developed, and international trading economy that was at the forefront of the 19th-century Industrial Revolution. Any developments in this area will in turn lead to improved accuracy in the regional GDP estimates. Marx, An Introduction to Mathematical Statistics and Its Applications (3rd edition or later), Prentice Hall (2001-). A full list of other data sources is included in the methodology article. 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. 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)). Spitalfields Immigration Statistics These figures for Country of Birth for the residents of Spitalfields are from the UK Census of 2011. 2. The city thrives in trade and commerce and has a vibrant culture seeped in commerce. Contact. The Global Consumption Database is a one-stop source of data on household consumption patterns in developing countries. Other volume measure data are used where appropriate or where VAT data have insufficient coverage. Public administration and defence; compulsory social security P. Education Q. *A more detailed reading list will be supplied prior to the start of the programme 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. 1. 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. 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. Unemployment rates in the 1930s were barely higher than unemployment rates we’ve experienced in the 1980s and 2000s. It estimates the size of and growth in the economy. 6. 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. Sector names A. In 2017, London had a GDP per inhabitant (in PPS) of €56,200, which was well above the UK average of €37,700. 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. Suitable for. The finance industry grew by 1.9% and made the largest positive contribution to growth in London at 0.28 percentage points. London’s Economy Today is a monthly e-zine featuring the most up to date information on the state of London’s economy. Located in the heart of southwestern Ontario between Toronto and Detroit, London is one of Canada’s fastest-growing cities. Quarterly economic activity for London including the construction, production and services industrial sectors. We welcome feedback and comments on this publication, including on presentation and further development of other data sources. Hosting the London 2012 Olympic and Paralympic Games could generate up to a £41 billion gross value added (GVA) windfall to the economy by 2020, … is estimated to be $70+ million. A full list of other data sources is included in the methodology article. The sites also contain some international data. While the data sources and methods used in both our regional and national estimates of GDP are broadly similar, there are some clear differences. International financial center and one of the National Office for National Statistics the one industry that is not constrained. Property in the previous ( September ) release was that of the most densely and... Following sites are the main ones for accessing free data ( QAAD ) report for VAT data available... 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