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. Other volume measure data are used where appropriate, or where VAT data has insufficient coverage. 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. Some key figures: In 2016, London’s GVA of £408 billion accounted for 23% of the UK total (£1,748 billion), with … 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’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). 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 the UK’s main economic and financial centre. This bulletin has been discontinued and this is not the latest analysis. London’s economic clout is indicative of the overall economic importance of cities. 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. London’s Economy Today is a monthly e-zine featuring the most up to date information on the state of London’s economy. The data behind these maps was gathered from the 2001 Census and provided by the Office for National Statistics. The city thrives in trade and commerce and has a vibrant culture seeped in commerce. analysis, carried out by London & Partners and Regeneris Consulting3, shows that major events4 contributed more than £2.2 billion over a four-year period after the 2012 Olympic Games and are worth at least £400 million every year to the London economy. It employs one in seven of London's workforce and strengthens London’s reputation as an open and welcoming city. 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. However, the sum of the UK regions may not equal the national total, reflecting that there are some differences in data sources and methods. It is worth bearing in mind that statistics don’t tell the full story. In parts of the UK (especially London and the South East), there was a mini economic boom with rising living standards and prosperity. We would like to use cookies to collect information about how you use ons.gov.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. 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 … Q1 refers to Quarter 1 (Jan to Mar), Q2 refers to Quarter 2 (Apr to June), Q3 refers to Quarter 3 (July to Sept), Q4 refers to Quarter 4 (Oct to Dec). 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 . 1. Greater London is the most densely populated and wealthy region in the UK. The average winter high temperature in London is 41 F to 46 F (5 C to 8 C). These data are designated as Experimental Statistics. Each issue includes an overview of current economic conditions, the latest indicators and a supplement on a significant issue facing London. 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. These are statistics that are in the testing phase. We will continue to develop these statistics and seek users’ views on their uses and needs for these data. The UK's night-time economy is now said to be the UK's fifth-biggest industry with annual revenues of £66bn. 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. Production is the process of combining various materials or other inputs in order to generate a product for consumption. A full list of other data sources is included in the methodology article. It is published towards the end of every month. Tourism is important to economy of both rich & poor countries 3. 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. Unemployment rates in the 1930s were barely higher than unemployment rates we’ve experienced in the 1980s and 2000s. 6. 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. 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. The wholesale and retail trade and finance industries grew by 5.2% and 4.7%, contributing 0.38 and 0.71 percentage points respectively. 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). Quarterly economic activity for London including the construction, production and services industrial sectors. 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. Additional data from the latest edition of London’s Economy Today can be found here on the Datastore. London lies on the River Thames , about 50 km from the North Sea . Hide. When the world changes, we can still change the world. This includes data from Quarter 2 (Apr to June) 2012. The main data for these estimates are turnover data from approximately 1.9 million Value Added Tax (VAT) returns. 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. Information from the Inter-Departmental Business Register (IDBR) on workplace employment allows us to apportion the VAT turnover for each business based on their employment share within a region. Suitable for. Deliveroo driver demographics vs. gig economy vs. overall population In 2012, the world’s largest 300 cities contained 19% of the world population but produced 48% of world GDP. 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. Welcome to London, Canada! While the data sources and methods used in both our regional and national estimates of GDP are broadly similar, there are some clear differences. London is the most popular tourist destination in the whole world, attracting around 30 million visitors from other countries each and every year. Please create an employee account to be able to mark statistics … The local jobless rate increased to 5.5 per cent in June. Try our corporate solution for free! The quality assurance of administrative data (QAAD) report for VAT turnover data is available. Effect of Tourism in London's economy. In 2019, the UK was the fifth-largest exporter in … The quality assurance of administrative data (QAAD) report for VAT data is available. 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. It includes output in the manufacturing (the largest component of production), mining and quarrying, energy supply, and water supply and waste management industries. Rising tides have flooded the city more than once. Hide. The London Economic Newspaper Limited t/a TLE Company number 09221879 International House, 24 Holborn Viaduct, London EC1A 2BN, United Kingdom. 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. Total GDP Impact in Province was an estimated $57,424,115 in 2011. These are statistics that are in the testing phase and not yet fully developed. The most up-to-date information on London's economy, published by email every month. 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. 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. 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. Quarterly country and regional GDP Dataset | Released 07 February 2020 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). 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. London has always been a commercial city and today enjoys the status of having one of the largest city economies in the world. 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