London's Economic Outlook: Spring 2022

GLA Economics’ 40th London forecast suggests that:

• London’s real Gross Value Added (GVA) growth rate is forecast to be 4.5% this year due to the impact of the quarterly recovery from the COVID-19 crisis at the end of last year and beginning of this year feeding through into the annual data. This growth rate is expected to fall to 1.6% in 2023 due to the cost-of-living crisis before improving to 2.3% in 2024.
• London is forecast to see a rise in the number of workforce jobs in 2022 (2.2% in annual terms) although this will moderate in 2023 (1.1%) and 2024 (1.2%).
• London’s household expenditure is forecast to grow in all years of the forecast period, although household income is expected to fall this year due to rising inflation.

The data that sits behind the forecast is available to download from the London Datastore.