London's Economy Today - Issue 182 - October 2017

The overview

• UK economic growth remains weak
• Speculation about future UK interest rate rises intensifies
• Mixed signals for London’s economy

Economic indicators

• First decline in the average annual rate of change in Tube passengers since 2010-11 with the moving average annual rate of change in the number of Underground passenger journeys at -0.2 per cent.
• The Purchasing Managers’ Index (PMI) survey shows the monthly business trends at private sector firms. Index readings above 50.0 suggest a month-on-month increase in that variable, while readings below indicate a decrease. London firms reported an increase in output during September (54.1). The rate of growth picked up since August (52.8).
• A majority of property surveyors reported a fall in London’s house prices during the three months to September 2017. The net balance was at -53 which, although an improvement on the -56 reported in August, was one of the lowest readings since February 2009.

London’s Economy Today supplement: An analysis of London's exports

• In 2015, London’s exports totalled around £131.1 billion, up from £126.4 billion in 2011.
• London’s service exports accounted for nearly half of the UK’s total service exports, while London’s goods exports made up only 11 per cent of the UK total. Financial services remained the largest service export sector in 2015, with exports worth around £28.3 billion, down from £30.7 billion in 2011.
• The EU has been London’s (and the UK’s) number one destination for goods exports, (accounting for £13.5 billion in 2016) and for services (accounting for £15.6 billion, or 37 per cent of all service exports, in 2015).

London’s Economy Today data on the Datastore

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