London's Economy Today - Issue 161 - January 2016

The overview

• Global stock markets fall at the beginning of 2016
• UK GDP growth increases at the end of 2015
• London faces the New Year with some challenges but also strength in its economy

Economic indicators

• New orders in London rising with the PMI for new orders recorded at 58.6 in December 2015 compared to 57.6 in November 2015.
• Surveyors report that house prices are increasing in London with the RICS Residential Market Survey showing a positive net balance of 25 for London house prices over the three months to December 2015.
• Consumer confidence positive in London and the UK with the consumer confidence score for London standing at 15 in December 2015, up from 1 in November 2015 while for the UK the consumer confidence score stood at 2 in December 2015, up from 1 in November 2015.

LET supplement: The creative industries in London

• In 2012, output (as measured by Gross Value Added (GVA)) of the creative industries in London was estimated at £34.6 billion.
• The productivity of the creative industries in London (estimated at £71,100 on a GVA per workforce job basis), was 25 per cent higher than the average across all sectors of the London economy (estimated at £56,700 in 2012).
• In London the median hourly pay in the creative industries in 2014 was £17.89, which compares to a median hourly pay of £15.50 in London’s ‘non-creative’ industries.

London’s Economy Today (LET) data to Datastore

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http://data.london.gov.uk/gla-economics/let/