Another half a million employees resident in Greater London work in manufacturing and construction, almost equally divided between both.. The £1.5bn facility at Thurrock, Essex, is 20 miles (32 km) down the River Thames from London.  The London fiscal surplus, £32.5 billion in 2016–17, mostly goes towards funding services in other parts of the UK.  Other key institutions are Lloyd's of London for insurance, the Baltic Exchange for shipping. London (CNN Business)UK economic output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into … its position in Europe, since Europe has a population and GDP larger than those of the US. London was named the city with the best real estate investment opportunities for foreign investors in 2014. The Gross Domestic Product (GDP) in Germany was worth 3845.63 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. LONDON - The U.K. economy grew 2.1% in August on a monthly basis, as the country's gradual recovery from the coronavirus crisis continued, albeit at a slightly slower pace. Further ahead, and conditioned on a market path for Bank Rate that falls slightly over the forecast period, the recovery in UK growth is supported by a pickup in global activity, a further decline in Brexit uncertainties and the Government’s announced spending measures. GDP had, according to our monthly estimates, already recovered to a long way above the 2Q20 average by June … At 2.8%, London was the region containing the lowest proportion of employees engaged in UK manufacturing. a business friendly environment (e.g. As with many similar historic European ports the bulk of activities has steadily moved downstream towards the open sea, as ships have grown larger and other city uses take up land closer to the city's centre.  The Thameslink rail network is undergoing a £6bn programme to upgrade and expand the line. The new data better highlight the structural economic stagnation already incorporated in the Outlook and reduce … , London's largest industry remains finance, it is the largest financial exporter in the world which makes a significant contribution to the UK's balance of payments. UK GDP growth is projected to pick up a little in early 2020. Dezember 2020 23:14 Uhr Frankfurt | 22:14 Uhr London | 17:14 Uhr New York | 07:14 Uhr Tokio The latest comprehensive information for - United Kingdom GDP Growth Rate - including latest news, historical data table, charts and more. The GDP value of Germany represents 3.17 percent of the world economy. Dezember 2020 Berlin. Our forecasts assume a return to October levels of activity in December: in other words, we expect a rapid rebound following the end of the second lockdown.  The port is not located in one area – it stretches along the tidal Thames, including central London, with many individual wharfs, docks, terminals and facilities built incrementally over the centuries.  London is the leading centre for international bank lending, derivatives markets, money markets, international insurance, trading in gold, silver and base metals through the London bullion market and London Metal Exchange, and issuance of international debt securities. A useful guide to the distribution of wealth across London is the cost of renting office space. 18 per cent are in the professional, scientific and technical activities sector while 15 per cent are in the construction sector. GDP forecast to contract by 2.2 per cent in Q4 Main points. London handled 36.7% of global currency transactions in 2009[update] – an average daily turnover of US$1.85 trillion – with more US dollars traded in London than New York, and more Euros traded than in every other city in Europe combined. There is a £16/day congestion charge in Central London. Stefan Boscia. A number of factors contribute to London's success as a service industry and business centre:  Some of its neighbourhoods have estimated per capita GVA as high as £116,800 ($162,200).  The Ultra Low Emission Zone (ULEZ) adds an extra charge of £12.50/day for vehicles which do not meet Euro 4 standards for petrol and Euro 6 for diesel (which corresponds to vehicles made before 2007 and 2015 respectively. Area 243,610 SQ.KM. Soho is the centre of London's post-production industry. , London is a major retail centre, and in 2010 had the highest non-food retail sales of any city in the world, with a total spend of around £64.2 billion. In terms of GDP purchasing power parity, the UK is in the ninth spot with a GDP (PPP) of The UK is ranked 23rd for GDP per capita which is $42,558. FILE PHOTO: Shoppers cross the road in Oxford Street, in London, Britain August 14, 2016. The least expensive commercial districts are Waterloo & Southwark and East London Tech City, a new, but growing hub of start up technology companies, also known as Silicon Roundabout – approximately £65 per sq ft per annum. UK forecasts show 11.3% GDP contraction in 2020, rebound in 2021. One way to get an idea of their relative importance is to look at relative amounts of office space: Greater London had 26,721,000 m2 of office space in 2001.  A report by EY highlighted the importance of London to the UK's FinTech industry in terms of availability of expertise and demand for services.  Pharmaceutical and biotechnology companies in the United Kingdom still have a presence in London, including the world headquarters of GlaxoSmithKline.. This trend continues, with the loss of the pharmaceutical manufacturing sites of Aesica (formerly Merck Sharp and Dohme) at Ponders End in 2011, and Sanofi-Aventis (originally May & Baker) at Dagenham by 2013. Transportation contributes to both the service and construction sectors of the London economy. A new bridge across the river Thames will link Nine Elms to Pimlico on the opposite bank.  The main feature of the project is construction of 42 km (26 mi) of new tunnels connecting stations in central London including a branch to Canary Wharf in east London. London shifted to a mostly service-based economy earlier than other European cities, particularly following the Second World War. We expect growth to be 0.3 per cent in October. Overview of United Kingdom. UK GDP grew by record 16% in third quarter but still recovering from crash Britain’s economy was hit harder than most others by the pandemic, which has led … There are downside risks if the lockdown is extended or does not succeed in bringing down infection rates, while upside risks would come from a smaller than anticipated fall in November as households switch to online consumption ahead of the holiday season. Around 25,000 permanent jobs will be created once the new buildings are occupied and around 16,000 new homes. London is the headquarters for four of the world's six largest law firms and is a leading international centre for legal services. ", "EBA seeks more time in London after Brexit", "Relocation of the UK-based EU agencies - Consilium", "The value of Europe's international financial centres to the EU economy", "Triennial Central Bank Survey - Foreign exchange and derivatives market activity in 2004", "London's leading position as a USD 2.2 trillion hub for FX trading would be harmed by a Brexit, according to poll of currency market professionals", "Triennial Central Bank Survey: OTC interest rate derivatives turnover in April 2013", "International money market instruments – all issuers By residence of issuer", "Key Facts about the UK as an International Financial Centre report 2015", "LBMA says banks back its plan to change London gold market", "A guide to The London Bullion Market Association", "International debt securities – all issuers All maturities, by residence of issuer", "The City of London as a Global Financial Centre: An historical and comparative perspective", "Brexit: the United-Kingdom and EU financial services", "The Transatlantic Trade & Investment Partnership (TTIP) brochure", London is now the global money-laundering centre for the drug trade, says crime expert, "London property market turned into money laundering safe haven by inadequate supervision, MPs say", "UK draws billions in unrecorded inflows, much from Russia – study", "Private Eye - Official Site - the UK's number one best-selling news and current affairs magazine, edited by Ian Hislop", "UK leading the way as an international centre for legal services and dispute resolution", "Out for justice: Britain must fight for its status as a global legal hub", "London's Place in the UK Economy, 2005-6", "UK film's contribution to UK GDP over £4.6b", "We must build on this golden age for British film", "London Retains Crown in 2015 MasterCard Global Destinations Cities Index", "British Museum tops UK visitor attractions list", London is the HR centre of opportunity in the UK, "UK tech firms smash venture capital funding record", "An evaluation of the international FinTech sector", "JLL announces Europe's retail gateway cities", "Why London must retain its lead as the world's number one retail destination", "London tops world cities spending league", "London Fashion Week: Fashion industry worth £26 billion to UK economy", "Pharmaceutical plant under_threat of closure", "Complete Plant Closure of Aesica Pharmaceuticals Enfield, UK Facility", "The UK is finally catching up with US in biotech investment – venture capital funding more than doubled last year", "The pharmaceutical industry and market in the UK", "London 'best city for foreign property investment opportunities, "London Office Crane Survey – winter 2013", "London housing zones to create 50,000 new homes", "Mayor names London's first Housing Zones", "2012 Olympics transport strategy hailed a success", "The TfL Olympic Legacy: Measuring the Unmeasurable", "The London 2012 Games Transport Legacy: One Year On", "Eurostar launches London-Amsterdam route", "CROSSRAIL LTD OUTLINES PLAN TO COMPLETE THE ELIZABETH LINE", "Crossrail's giant tunnelling machines unveiled", https://tfl.gov.uk/modes/driving/congestion-charge, "London Mayor confirms Ultra-Low Emission Zone will start in 2019", "London Gateway 'super-port' welcomes first vessel", Department for Business, Energy and Industrial Strategy, Glasgow International Financial Services District, https://en.wikipedia.org/w/index.php?title=Economy_of_London&oldid=995450763, Articles with dead external links from April 2019, Articles with permanently dead external links, Articles with dead external links from January 2018, Short description is different from Wikidata, Articles containing potentially dated statements from 2009, All articles containing potentially dated statements, Creative Commons Attribution-ShareAlike License, Finance, broking, insurance, legal, fund managers, banking, Head offices, real estate, private banking, hedge funds, government, Creative industries, finance, design, art, fashion, architecture, media, Accountancy, consultancy, local government. Retrieved 15 April 2020. Accordingly, our forecast for 2020 stand at –11.3 percent. Mittwoch, 23. , A second financial district has developed at Canary Wharf to the east of the City, which includes the global headquarters of two of the world's largest banks, HSBC and Barclays, the rest-of-the-world headquarters of Citigroup and the headquarters of the global news service Reuters. Remove London from the UK’s economy and the nation would fold. 146–47. relatively low taxes for corporations and non-domiciled foreign individuals; good transport infrastructure particularly its aviation industry; This page was last edited on 21 December 2020, at 02:52. Since 2010, London-based technology companies have collectively raised $5.2 billion of venture capital funding. , Domestic and international corporate headquarters, Chatsworth Communications (April 6, 2016), Hollywood's links with the United Kingdom, Construction industry of the United Kingdom, Thames Ironworks and Shipbuilding Company, Pharmaceutical and biotechnology companies in the United Kingdom, world's busiest city airport system by passenger traffic, "Key Facts about UK Financial and Related Professional Services 2016", "London tops Colliers Cities of Influence index", "European attractiveness survey 2016 – European cities", "London is the soft power and high skills capital of the world", "This pocket of London is the richest place in Europe... by far", "London's competitive place in the UK and global economies", https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/regionaleconomicactivitybygrossdomesticproductuk/1998to2018/pdf, "Symbiosis: Trade and the British Empire", "The Economic Benefits to the UK of EU Membership", "London Wants to Tap Chinese Currency Market", "Press Conference by Kerry, British Foreign Secretary Hague", "UK bilateral trade relations: business opportunities", "UK – Commonwealth trade statistics – Commons Library Standard Note", "English Common Law is the most widespread legal system in the world", "London's Low Taxes Lure Foreign Companies as Banks Retrench", "KPMG's Annual Tax Competitiveness Survey 2013", "UK leads the way for business cost competitiveness in the mature markets", "The UK is the seventh most competitive economy in the world", "TfL's contactless future for the London commuter", "150 facts for 150 years of the London Tube", "London is best but not streets ahead of Paris: The winning formula is a free and flexible labour market, a broadly non-corrupt government, good infrastructure and a rich cultural life", "London 'is most desirable global city to move to for work, "There was no need for Osborne to dance so quickly to HSBC's tune", "HSBC decides to remain headquartered in the UK", "Bankers' love of London complicates Brexit relocation plans", "Office Rent London: Our Definitive Rental Guide – Updated for 2015 Q1", "Key Facts about the UK as an International Financial Centre 2014", "UK trade surplus in financial services highest ever", "Hedge Funds Boost Leverage and Assets in FCA Survey", "Why, in the era of Wall Street hegemony, do close to half of global financial transactions still flow through territories linked to Britain? It has a GDP of over £565 billion, which is about 17 percent of the UK's total GDP.  Many different types of professional service providers are located in the city including the big four accountants and major management consulting firms.  In addition to being the capital city of the United Kingdom, London is one of the world's leading financial centres for international business and commerce and is one of the "command centres" for the global economy. GDP Per Capita, PPP $45,741. China NBS. This will develop the area from a semi-derelict, light industrial zone into a modern residential and business district. The city thrives in trade and commerce and has a vibrant culture seeped in commerce. These are Heathrow, Gatwick, Stansted, Luton, London City, and Southend. , London generates approximately 22 per cent of the UK's GDP. Gross domestic product (GDP) in London had growth of 1.0% in Quarter 2 (Apr to June) 2019, following growth of 1.6% in Quarter 1 (Jan to Mar) 2019. A number of factors contribute to London's success as a service industry and business centre: Currently, over 85% (3.2 million) of the employed population of greater London works in the service industries. Many of these are small and medium-sized enterprises.. Manufacturing suffered dramatic decline from the 1960s on. Monthly estimates suggest that growth in September itself was 1.1 per cent, meaning that GDP at the end of the quarter was still 8.2 per cent below its pre-pandemic February level. For the global economy, it projected a less severe decline in GDP at -3.7% in 2020 compared to -4.4% in the September projection. In the 2020 Global Financial Centers Index, London was ranked as having the second most competitive financial center in the world after New York City (alongside cities such as Shanghai, Tokyo, Hong Kong, Singapore, Beijing, San Francisco, Shenzhen and Zurich in the top 10). 15 April 2020. Population 66,488,991. The annual fall in GDP was revised to 8.6 percent from 9.6 percent in the third quarter.  Office development was at a four-year high in 2013 with 9.7 million sq ft across 71 schemes under construction. The Gross Domestic Product (GDP) in the United Kingdom was worth 2827.11 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Aktuelle Nachrichten aus Nordrhein-Westfalen. Most of the streets of central London were laid out before cars were invented and London's road network is often congested. Fitch Ratings-London/New York-18 December 2020: Uruguay’s recent GDP revision has resulted in positive and negative changes in credit metrics, but these will not be decisive for the resolution of the Negative Outlook on the sovereign’s ‘BBB-’ rating, Fitch Ratings says.  In the 2017 Global Financial Centres Index, London was ranked as having the most competitive financial center in the world. This is largely in line with what we expected last month and with our recent forecast in our November Review. Fri, 20th Nov 2020 08:07 (Alliance News) - … The GDP value of the United Kingdom represents 2.33 percent of the world economy. ^ Statistical Yearbook of Serbia Archived 13 October 2017 at the Wayback Machine, pp. Due to the advance and enhancing facilities and opportunities of education, health and other profiting fields, a large number of people immigrate to London every year.  It includes the London Underground, London Overground, Docklands Light Railway, London Buses and London River Services.  It is also home to the Bank of England, the second oldest central bank in the world, and the European Banking Authority, although the latter is moving to Paris in March 2019 following the Brexit referendum of 2016. London Gateway, the UK's newest container port, opened in 2013. London has an integrated public transport system operated by Transport for London under a single electronic ticketing system, the Oyster card. London is served by six international airports which are the world's busiest city airport system by passenger traffic. London produced £487 billion ($624B) or around 1/4 of UK GDP in 2018, while the economy of the London metropolitan area — the largest in Europe—generates around 1/3 of the UK's GDP or almost $1.0 trillion. Decentralisation would benefit everyone, says Jack Brown, research manager at Centre for London  The BBC is a key employer, other broadcasters also have headquarters around the city. , Media companies are concentrated in London and the media distribution industry is London's second most competitive sector.  The Heathrow proposal expects to create 120,000 new jobs across the UK and bring economic benefits of more than £100 billion. Latest ONS estimates published this morning show that the UK economy grew by15 ½ per cent in the third quarter of 2020, as the economy recovered from the first phase of the Covid-19 pandemic and resultant public health measures. According to research by Deloitte, "London has the most internationally diverse executive community in the world, attracting business leaders from 95 nationalities and with alumni working in 134 countries". It is Europe's biggest construction project with a £15 billion projected cost. Over 70% of the FTSE 100 are located within London's metropolitan area, and 75% of Fortune 500 companies have offices in London. GDP forecast to contract by 2.2 per cent in Q4, “Today’s ONS data suggest that the recovery from the first phase of the pandemic was already slowing by the end of the third quarter, with output remaining 8.2 per cent below pre-pandemic levels in September. ^ a b c GDP-2019 is a preliminary data, and GDP-2018 is a revision based on the 2018 CASEN: "Home - Regional - Quarterly by Province" (Press release). London has five major business districts: the City, Westminster, Canary Wharf, Camden & Islington and Lambeth & Southwark. There are a number of proposals for expanding airport capacity for London including expansion of London Heathrow Airport and expansion of Gatwick Airport. The development is forecast to create 27,000 jobs in London and the South East and contribute £2.4bn a year to its economy. The second lockdown is expected to bring a monthly fall of about 12 per cent in November in line with our. It is expected to be able to handle 3.5 million containers a year. The ONS said quarterly GDP growth has been between 0.2% and 0.3% in 2019 on average, continuing the slowing that has been experienced over the previous five years. Once the largest port in the world, the Port of London is today the second-largest in the United Kingdom, handling 48 million tonnes of cargo each year.  841,000 private sector businesses were based in London at the start of 2013, more than in any other region or country in the UK. 1 Min Read. Gross domestic product (GDP) in the G20 area rebounded by 8.1% in the third quarter of 2020 following the unprecedented falls in the first half of the year due to … , The London Stock Exchange is the most international stock exchange and the largest in Europe.  Food and drink manufacture remain in places, for example baking at Warburtons in Brimsdown, biscuits at United Biscuits in Harlesden, brewing at Fuller's Brewery in Chiswick, manufacture of coffee and chocolate by Nestlé in Hayes in West London, and refining of sugar and syrup by Tate & Lyle in Silvertown.  An additional line, Crossrail 2, has been proposed. Archived from the original on 30 March 2020. , London is the most populous region, urban zone and metropolitan area in the United Kingdom.  Within the UK, London is home to the ten most-visited tourist attractions. The city's network successfully provided transport for the 2012 Summer Olympics. FILE PHOTO: A woman feeds birds on the bank of the river Thames with London's financial district seen in the background, amid the coronavirus disease (COVID-19) in London, Britain, November 25, 2020. That is, if the fourth quarter of 2020 and the first quarter of 2021 both show GDP contraction, then that is a second recession after just one quarter of growth.  More than half of the London Stock Exchange top 100 listed companies (the FTSE 100) and over 100 of Europe's 500 largest companies are headquartered in central London. , Tourism is one of London's prime industries. A substantial industrial plant remaining in operation is Ford Dagenham, the largest diesel engine manufacturing site in the world. , A growing number of technology companies are based in London, notably in East London Tech City also known as Silicon Roundabout. The UK is expected to fall to the seventh-largest economy by 2023 with a GDP of $3.27 trillion. In 2016, the UK was the tenth-largest exporter of goods in the world, exporting goods to 160 countries worldwide.  The UK's fashion industry, centred on London, contributes tens of billions to the economy. Crossrail, originally planned to open in 2018 but delayed until late 2020 or 2021, will be a new railway line running east to west through London and into the surrounding countryside. English being the native language and the dominant international language of business; its past role as the capital of the former. , The combination of lax regulation and London's financial institutions providing sophisticated methods to launder proceeds from criminal activity around the world, including those from drug trade, makes the City a global hub for illicit finance and London a safe haven for the world's malfeasants, according to research papers and reports published in the mid-2010s. However, it remained 7.9 percent below the levels seen in February 2020, before the full impact of the coronavirus pandemic. The Development of London's Economy . Many national newspapers are edited in London, having traditionally been associated with Fleet Street in the City, they are now dispersed across the capital. London is notable as a centre of international finance where foreign participants in financial markets come to deal with one another. Growth in the fourth quarter will be much slower than in the third quarter and is likely to turn negative, due to weaker growth in October and a second lockdown from November. In 2014, the government identified 20 new housing zones across London, and in February 2015 the development of the first nine zones was approved, which will create 28,000 new homes by 2025 from £260m of investment.. In the 18th century, the United Kingdom was the first … Following the introduction of COVID-19 containment measures across the world, real gross domestic product (GDP) in the G20 area fell by 3.4% in the first quarter of 2020. , For the 19th and much of the 20th centuries London was a major manufacturing centre (see Manufacturing in London), with over 1.5 million industrial workers in 1960.  However, in the 2018 ranking, London has lost that title to New York City. Our expectations for the fourth quarter and beyond will depend on the stringency and duration of ongoing lockdowns; local and national .”, Dr Kemar Whyte, Senior Economist - Macroeconomic Modelling and Forecasting, “We expect the second lockdown to bring a large monthly contraction in November to be followed by a quick rebound in December provided that the lockdown succeeds in getting infection rates under control without the need for a further extension. It will run on 118 km (73 mi) of track with a branch to Heathrow Airport.  It also anticipates boosting exports as a result of the expansion.. , London is a leading global centre for professional services. Investment in London's technology sector was $2.28 billion in 2015, 69 per cent higher than the $1.3 billion raised in 2014. , Other large construction projects include Kings Cross Central and Paddington Waterside. The principal argument in favour of airport expansion is to support economic growth in the UK by providing an international hub for air-transport links to fast-growing developing countries around the world.