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Release: UK Non-Financial Business Economy (Annual Business Survey), 2012 Revised Results

Released: 12 June 2014 Next edition: 23 July 2014
  • In 2012, the income generated by businesses in the UK, less the cost of goods and services used to create this income was estimated to be £936.3 billion. This amount represents the approximate Gross Value Added at basic prices (aGVA) of the UK Non-Financial Business Economy.

  • Between 2011 and 2012, aGVA increased by 2.3% (£20.6 billion). This increase is a continuation of the recovery seen between 2009 and 2011 and takes aGVA to a level 2.9% (£26.6 billion) above that seen in 2008, at the start of the recession.

  • The Non-Financial Service sector, which accounts for over half of aGVA in the UK Non-Financial Business Economy, contributed most to the increase in aGVA of 5.8% (£27.5 billion) between 2011 and 2012. This is the third consecutive annual increase, taking it to £62.2 billion above the level seen in 2008.

  • The Production sector, which accounts for just under a quarter of aGVA in the UK Non-Financial Business Economy, saw a fall in aGVA between 2011 and 2012, for the first time since 2009.

  • The Distribution sector, which accounts for just over a seventh of aGVA in the UK Non-Financial Business Economy, also saw a fall in aGVA between 2011 and 2012. This is the second consecutive annual decrease, and keeps it below the level seen in 2008.

  • When compared to the provisional results published on 14 November 2013, these revised 2012 results show minimal revision for the UK Non-Financial Business Economy. There were downward revisions of 0.8% (£27.7 billion) in turnover, 0.7% (£16.1 billion) in purchases and 1.2% (£11.4 billion) in aGVA. The direction of movements of aGVA for the broad industry groups remains unchanged, due to a 2.2% (£20.8 billion) downward revision in aGVA for 2011.

  • Data for the Insurance and Reinsurance industries continue to be excluded from this release following discussions with key users. This experimental series was previously included in the results for reference years 2008 to 2011 and covered a small part of the Financial & insurance sector. Since November 2013 it has been removed from the Annual Business Survey (ABS) release due to ongoing volatility while a more detailed quality assessment is undertaken. As such results in this release cover the UK Non-Financial Business Economy rather than the UK Business Economy. This does not affect other industries.

Financial information is collected 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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