Business Outputs Division
Telephone: +44 (0)1633 456391
Categories: Business and Energy, Production Industries, Primary Production, Manufacturing, Energy Production and Consumption, Water and Sewage, Building and Construction, Services, Retail and Distribution, Business Services, Creative and Leisure Activities, Personal Services
Frequency of release: Annually
Geographical coverage: UK
Geographical breakdown: Region
In 2012, the income generated by local activity of businesses in the UK, less the cost of goods and services used to create this income, was estimated to be £935.7 billion. This amount represents the approximate Gross Value Added at basic prices (aGVA) by local activity of the businesses in the UK Non-Financial Business Economy.
Between 2011 and 2012, aGVA increased by 2.0% (£18.5 billion). This increase is a continuation of the recovery seen between 2009 and 2011 and takes aGVA to a level 2.9% (£26.8 billion) above that seen in 2008, at the start of the recession.
Two-thirds of the UK regions saw growth in aGVA between 2011 and 2012, with the highest contribution to overall growth from the South East, the East Midlands and London. The sub-national picture remains mixed, with only 7 of the 12 regions having aGVA above 2008 levels.
London, despite a third consecutive year of growth in aGVA, has yet to return to its 2008 level. London’s aGVA increased by 1.5% (£3.1 billion) between 2011 and 2012, with growth in the Non-Financial Service sector of 4.2% (£6.5 billion) being partially offset by a fall in aGVA within the Distribution sector of 15.3% (£3.5 billion).
The aGVA for the South East increased by 10.8% (£8.7 billion) between 2011 and 2012, the largest annual growth of any region over this period. The level of aGVA is now 10.0% (£13.8 billion) above its 2008 level, driven by growth in the Non-Financial Service sector which increased by 22.4% (£16.4 billion) between 2008 and 2012.
These National Statistics are produced to high professional standards and released according to the arrangements approved by the UK Statistics Authority.