London's Economy Today

LET Issue 152 April 2015

The Overview

  • UK GDP growth slows in the first quarter of 2015.
  • UK inflation remains at historically low levels.
  • Most surveys continue to be optimistic on London’s economic outlook.

Economic indicators

  • London’s business activity continues to increase, with the PMI of business activity recorded at 61.8 in March.
  • New orders in London rising with the PMI for new orders recorded at 62.1 in March 2015.
  • Surveyors expect house prices to fall in London but to rise in England and Wales, with the net house price expectations balance in London at -2 in March 2015.

Regional, sub-regional & local gross value added estimates for London, 1997-2013 

  • In 2013, London’s total GVA was over £338 billion (up 4.0 per cent on 2012).
  • London now accounts for 22.2 per cent of the UK’s total GVA.
  • Just under a fifth of London’s GVA was generated by the financial and insurance industry, accounting for half of the UK’s total GVA in the financial and insurance industry and 4.1 per cent of the UK’s total GVA.

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