In the Greater London Authority Economics team we provide the latest economic data for London and interpret how this may affect policy. This includes analysis of recent developments in London’s economy and forecasts for the next couple of years.
Monitoring London's economy
How we monitor London’s economy
We frequently release publications on the state of London’s economy. We have two regular publications (London’s Economy Today and London’s Economic Outlook) as well as our individual publications.
All our publications include analysis of the latest economic developments and data, and our interpretations of how this may affect London and policy for the capital.
Our latest publications are outlined below.
London’s Economy Today (LET)
LET is published at the end of every month. Each issue features the most up-to-date information and analysis on the state of London’s economy. It features a wide range of London and UK economic indicators, including information on employment, house prices and consumer confidence.
Many of these data indicators are available for download on the London Datastore.
London’s Economic Outlook (LEO)
LEO is published twice a year, in the spring and autumn. Each issue provides an overview of recent economic developments in London, the UK and world economies. It outlines our latest forecasts for London’s economy and employment, and possible risks that may affect these forecasts.
Our Autumn 2016 forecast suggest that:
- London’s Gross Value Added (GVA) growth rate is forecast to be 2.8 per cent in 2016 with the growth rate decreasing to 2.0 per cent in 2017 before increasing slightly to 2.3 per cent in 2018.
- London is forecast to see rises in employment in 2016, 2017 and 2018.
- London household income and spending are both forecast to increase over the next three years.
The data that sits behind the forecast is available to download from the Datastore.
The historic performance of the GLA's economic forecast
Current Issues Note 49 looks at the accuracy of previous GLA Economics’ forecasts for the growth of total Gross Value Added, total employment, household expenditure and household income.
Revisions to the “historic data” had a significant impact on the performance of GLA Economics’ forecasts but nevertheless performed comparably with other forecasts produced of the London economy.
The note outlines some areas for improvement in the forecasting process in light of the evolving nature and understanding of London’s economy.
Modelling real quarterly GVA data for London
- As of yet no official measure of quarterly growth in London’s economy on either a nominal or real measure exists. At the annual level nominal GVA data is available (with a lag), but real GVA data remains experimental in nature and is not classified as a national statistic.
- GLA Economics has therefore undertaken analysis to calculate this data at the London level.
- Current issues note 50 sets out the methodology that has been used for this analysis and first estimates of quarterly real GVA for London.