London's Economy Today

LET Issue 154 June 2015

The Overview

  • Greek debt talks continue amidst fears of debt default.
  • Global growth prospects remain mixed.
  • Further government spending cuts expected but London’s business performance is holding up.

Economic indicators

  • London’s business activity continues to increase with the Purchasing Managers’ Index of business activity standing at 57.0 in May 2015.
  • New orders in London rising with the Purchasing Managers’ Index for new orders standing at 60.7 in May 2015.
  • Surveyors expect house prices to rise with the net house price expectations balance in London standing at 49 in May 2015.

The value of cultural tourism to London 

  • In 2013, London received 16.8 million international visitors, 12.3 million overnight visits from GB residents and 261.7 million tourism day visits.
  • Culture is a key reason for visitors to come to London and GLA Economics has derived an estimate of the economic impact attributable to cultural tourism; using a definition consistent with the Mayor’s Cultural Tourism Vision for London 2015 – 2017.
  • The analysis estimates that cultural tourism contributed £3.2 billion of Gross Value Added to London in 2013 and supported 80,000 jobs in the capital.

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