Changing shape of UK business, summary of the event

The video covers the following:

• Manufacturing and services sectors show different movements in jobs and GVA over the period 1997 to 2012.

• Since 1997 the manufacturing sector has seen a fall of almost 40% in jobs but real GVA has fallen by just over 4%. 

• Over the same period jobs in the service sector have increased by over 28% and real GVA by over 58%. 

• As such manufacturing is now a smaller share of the economy in the UK.

• Most sectors within services have seen an increase in jobs and real GVA between 1997 and 2012, although there were some movements against this trend during the recession.

• Two of the largest increases in GVA within the service sector have been seen in the Information and Communications sector and Professional, Scientific and Technical activities.

• As well as becoming a smaller share of the whole economy the composition within Manufacturing has changed.

• All sub- sections within manufacturing have seen decreases in the number of jobs but GVA performance has been mixed. 

• Large increases in GVA over the period were seen in the Manufacture of Pharmaceutical Products and Pharmaceutical Preparations and Manufacture of transport equipment.

• Manufacture of Textiles, wearing apparel and leather products and the Manufacture of Coke, and refined petroleum products saw the largest falls in GVA.