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Statistics: UK Non-Financial Business Economy, 2012

Statistics: UK Non-Financial Business Economy, 2012 Regional Results (Annual Business Survey)

Part of UK Non-Financial Business Economy (Annual Business Survey), 2012 Regional Results Release

Released: 23 July 2014 – Download PDF

Contents

Key Points

  • 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.
  • Data for the Insurance & reinsurance industries have been removed from this release following discussions with key users. This experimental series was previously included in the regional results for reference years 2008 to 2011 and covered a small part of the Financial and insurance sector. It has been removed 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.

 

 

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