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20/08/2004
Business and finance services hit economy milestone
Business and financial services accounted for over 30% of total UK economic output for the first time in 2002, according to a report out today from the Office for National Statistics (ONS).
Total output of the whole economy, as measured using gross value added (GVA), was £926.3 billion in 2002. Manufacturing's share of the total was about half that, at 15.9%, and the creative sector contributed about half that again, at 8.7% of total output.
In 2002, this industry group accounted for £282.4 billion out of £926.3 billion, and the industry group itself grew over 11.7% between 2001 and 2002.
The manufacturing sector contributed £147.5 billion in 2002, 2.5% down on 2001, and compared with £115.9 billion in 1992. Wholesale and retail trades contributed £146.5 billion, growing by 4.8% over 2001, and compared with £79.6 billion in 1992.
Manufacturing industries' contribution to whole economy passed a key milestone in 1999 by falling below 20% for the first time, and in 2002 the contribution of the manufacturing industries stood at only 15.9%. Similarly, the agriculture industries' contribution in 2001 fell below 1% for the first time, whereas the contribution of the business and financial services passed 30% in 2002 for the first time.
The report, the 2004 Edition of United Kingdom Input-Output Analyses, showed how ONS tracks the movement of goods and services through the economy as part of the process of balancing the components of the National Accounts.
The analyses are also used by businesses to identify markets for their products and by economists to construct models of the economy.
The analyses also showed that computer and related services was the fastest growing industry over the 10-year period.
In 2002, the contribution of ICT to whole economy GVA at current basic prices accounted for £61.8 billion out of the £926.3 billion total. This was 6.7% of the total. GVA for the ICT sector grew by 104% between 1992 and 2002 compared with whole economy growth of only 69.6% over the same period.
Cultural changes in food consumption over the past decade, with people eating out more regularly and enjoying a much broader range of dishes, have had an impact on the UK economy, the ON survey.
Household spending on all food sector products stood at £160.3 billion in 2002, up 61.5% between 1992 and 2002.
(gmcg)
Total output of the whole economy, as measured using gross value added (GVA), was £926.3 billion in 2002. Manufacturing's share of the total was about half that, at 15.9%, and the creative sector contributed about half that again, at 8.7% of total output.
In 2002, this industry group accounted for £282.4 billion out of £926.3 billion, and the industry group itself grew over 11.7% between 2001 and 2002.
The manufacturing sector contributed £147.5 billion in 2002, 2.5% down on 2001, and compared with £115.9 billion in 1992. Wholesale and retail trades contributed £146.5 billion, growing by 4.8% over 2001, and compared with £79.6 billion in 1992.
Manufacturing industries' contribution to whole economy passed a key milestone in 1999 by falling below 20% for the first time, and in 2002 the contribution of the manufacturing industries stood at only 15.9%. Similarly, the agriculture industries' contribution in 2001 fell below 1% for the first time, whereas the contribution of the business and financial services passed 30% in 2002 for the first time.
The report, the 2004 Edition of United Kingdom Input-Output Analyses, showed how ONS tracks the movement of goods and services through the economy as part of the process of balancing the components of the National Accounts.
The analyses are also used by businesses to identify markets for their products and by economists to construct models of the economy.
The analyses also showed that computer and related services was the fastest growing industry over the 10-year period.
In 2002, the contribution of ICT to whole economy GVA at current basic prices accounted for £61.8 billion out of the £926.3 billion total. This was 6.7% of the total. GVA for the ICT sector grew by 104% between 1992 and 2002 compared with whole economy growth of only 69.6% over the same period.
Cultural changes in food consumption over the past decade, with people eating out more regularly and enjoying a much broader range of dishes, have had an impact on the UK economy, the ON survey.
Household spending on all food sector products stood at £160.3 billion in 2002, up 61.5% between 1992 and 2002.
(gmcg)
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Government's inflation target for this year remains at 2.5%
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Government's inflation target for this year remains at 2.5%
Gordon Brown has declared a Budget for "economic strength and social justice." The Chancellor has told the House of Commons that Britain is expected to outperform all the other major industrialised economies in the year ahead. He shaved his growth forecast for the coming year by half a point - predicting growth of 2 to 2.
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
