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London's Economy Today

LET Issue 156 August 2015

The Overview

  • Bank of England uprates its forecasts for growth.
  • Worries over the Chinese economy cause global stock market turbulence.
  • Eurozone grows in the second quarter of 2015.

Economic indicators

  • London’s business activity continues to increase with the Purchasing Managers’ Index (PMI) of business activity recorded at 59.0 in July 2015, down from 60.0 in June 2015.
  • New orders in London rising with the PMI for new orders recorded at 62.3 in July 2015 compared to 58.8 in June 2015.
  • Surveyors expect house prices to rise over the next three months with the net house price expectations balance in London at 48 in July 2015.

London’s Central Activities Zone, Northern Isle of Dogs and their fringes

  • The output of the Central Activities Zone, northern part of the Isle of Dogs and a 1km fringe around them stood at just over £179 billion in 2012 accounting for nearly 55 per cent of London’s output and just over 12 per cent of UK output.
  • Employment in this combined area stood at 2.14 million in 2013 a rise of 14.3 per cent on 2009 and accounted for around 45 per cent of London’s employment.
  • The top five sectors of employment in this combined area in 2013 were Professional, scientific and technical; Financial & insurance; Information & communication; Business administration and support services; and Accommodation & food services.

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