Home Business NewsEconomic News London responsible for over a fifth of UK’s total economic output

London responsible for over a fifth of UK’s total economic output

by LLB Editor
12th Dec 13 9:48 am

London accounts for over a fifth, (22.4%) of the UK’s total gross value added (GVA), figures by the Office for National Statistics (ONS) have shown.

The capital had the largest gross value added (GVA) per head at £37,232 in 2012.

The south east, excluding London, reported the fastest growth per head last year all over the UK with its GVA up 2.5%.

The south east saw a GVA of £23,221, higher than the UK average of £21,295.

According to the British Chambers of Commerce, Britain’s economy will expand at its fastest rate in seven years in 2014, thanks to strengthening household consumption.

The business group has revised its forecast to 2.7% in 2014, up from the 2.2% estimate it announced in August.

Get your business and talent recognised – enter the London Loves Talent Awards by 24 December

Judged by Tim Campbell, Will King, Terry Morgan CBE, Amit Bhatia, Matthew Hancock MP, June Sarpong & more

London Loves Talent Awards promo box for articles

Leave a Comment

CLOSE AD

Sign up to our daily news alerts

[ms-form id=1]