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Release: Annual Business Survey, 2011 Revised Results

Released: 13 June 2013 Next edition: 14 November 2013
  • In 2011, the income generated by businesses in the UK, less the cost of goods and services used to create this income was estimated to be £977.4 billion. This amount represents the approximate Gross Value Added at basic prices (aGVA) of the UK Business Economy.

  • Between 2010 and 2011, aGVA recorded a rise of 5.8% (£53.8 billion). This increase is a continuation of the recovery seen between 2009 and 2010 and takes aGVA to a level 1.4% (£13.5 billion) above that seen in 2008, at the start of the recession.

  • The Service sector, which accounts for over half of aGVA in the UK Business Economy, led this recovery with aGVA rising 5.7% (£28.1 billion) between 2010 and 2011, the second consecutive annual increase, taking it above the level seen in 2008.

  • In Distribution, Production and Construction there was suppressed growth in aGVA between 2010 and 2011 due to purchase costs increasing at a faster rate than turnover.

  • Construction had the slowest rate of growth and, unlike the other sectors where aGVA is now close to or above the 2008 level, aGVA remains below that seen in 2008.

  • When compared to the ABS Provisional results published on 15 November 2012, these revised results show minimal revision for the UK Business Economy. There were upward revisions of 0.6% (£19.2 billion) in turnover, 0.6% (£15.0 billion) in purchases and 0.3% (£3.3 billion) in aGVA. The direction of movements of aGVA for the broad industry groups remain unchanged.
The Annual Business Survey (ABS) collects financial information for about two thirds of the UK economy, covering agriculture (part), forestry and fishing; production; construction; motor trades; wholesale; retail; catering and accommodation; property; service trades. The financial variables covered include turnover, purchases, employment costs, capital expenditure and stocks. Approximate Gross Value Added (aGVA) is calculated as an input into the measurement of Gross Domestic Product (GDP).

These National Statistics are produced to high professional standards and released according to the arrangements approved by the UK Statistics Authority.

Content from the Office for National Statistics.
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