£8 million per hour profit for UK
Official statistics published on 14th January 2014 reveal that the UK’s creative industries are now worth £71.4 billion per year to the UK economy.
Growth of almost 10% in 2012, outperforming all other sectors of UK industry
Accounted for 1.68 million jobs in 2012, 5.6 per cent of UK jobs
Official statistics published today reveal that the UK’s creative Industries, which includes the film, television and music industries, are now worth £71.4 billion per year to the UK economy – generating just over a staggering £8 million pounds an hour.The UK creative industries are renowned across the globe driving growth, investment and tourism. The Creative Industries Economic Estimates are official statistics used to measure the direct economic contribution of the Creative Industries to the UK economy; providing an analysis of the contribution made by the Creative Industries to UK Employment, Gross Value Added (GVA) and Exports of Services.
Key findings include:
GVA (gross value added) of the Creative Industries was £71.4 billion in 2012 and accounted for 5.2 per cent of the UK Economy.
GVA of the Creative Industries has increased by 15.6 per cent since 2008, compared with an increase of 5.4 per cent for the UK Economy as a whole.
GVA of the Creative Industries increased by 9.4 per cent between 2011 and 2012, higher than for any of the other main UK industry sectors.
The Creative Industries accounted for 1.68 million jobs in 2012, 5.6 per cent of the total number of jobs in the UK.
Employment in the Creative Industries increased by 8.6 per cent between 2011 and 2012 a much higher rate than for the UK Economy as a whole (0.7%).
The value of services exported by the Creative Industries was £15.5 billion in 2011, 8.0 per cent of total UK service exports.
Between 2009 and 2011 the value of service exports from the Creative Industries increased by 16.1 per cent. This compares with an increase of 11.5 per cent for total UK service exports.Secretary of State for Culture, Media and Sport, Maria Miller commented:
“These incredible statistics are confirmation that the Creative Industries consistently punch well above their weight, outperforming all the other main industry sectors, and are a powerhouse within the UK economy.
We are committed to ensuring that the energy, innovation, skills and talent existing in this dynamic sector continues to translate into economic success, and provide a remarkable platform from which, we can showcase Britain to the world.”
Creative Industries Council Chair, Nicola Mendelsohn commented:
“These figures amply demonstrate the huge contribution our sector makes to the economy and it’s vital that the right framework is in place to nurture and support the industry. We are working with Government on developing a growth strategy for the sector which will identify how all involved can ensure the creative industries continue to go from strength to strength.”
