London Outperforms Other Regions In UK In Gross Value Added Growth

London has had the largest growth in its gross value added (GVA) than any other region of Britain, figures from the Office for National Statistics (ONS) showed Wednesday.

LONDON, (APP - UrduPoint / Pakistan Point News - 12th Dec, 2018 ) :London has had the largest growth in its gross value added (GVA) than any other region of Britain, figures from the Office for National Statistics (ONS) showed Wednesday.

GVA is a measure of the increase in the value of the economy due to the production of goods and services. London registered a GVA growth of 3 percent in 2017 in real terms compared to 2016, according to the ONS.

While the headline GVA increase across Britain was 1.9 percent, taking the GVA for every person in the country to 27,555 pounds, London continued to have the highest GVA per head, reaching 48,857 Pounds in current prices, in contrast to Wales with the lowest at 19,899 pounds, the ONS said.

Looking at the industrial composition of London, the motion picture sector, video and television program production, sound recording and music publishing activities saw the highest growth of 21.

9 percent. Personal service activities also saw strong increases, with hairdressing and dry cleaning up 17.3 percent, repair of computers and personal and household goods up 16.4 percent, the ONS said.

In its latest report, accountancy firm EY said London will continue to outperform all other UK regions through to 2021, with GVA growth per year of 2.1 percent, but this is nevertheless down from the 2.5 percent growth seen between 2015 and 2018.

As continued Brexit uncertainty hampers, slower growth in the services sector will have a detrimental impact on the UK capital, which will result in smaller gaps between London and other parts over the next three years, the firm said.