Creative Industries’ Record Contribution to UK EconomyDecember 4, 2017
£92bn sector growing at twice the rate of the economy.
Strong growth also in nation’s tourism, culture, sport and digital industries
DCMS sectors contribution to the economy up by 3.6 per per cent year-on-year to almost £250bn, accounting for 14.2 per cent of the UK’s Gross Value Added (GVA)
The UK’s booming creative industries made a record contribution to the economy in 2016, new statistics show.
Industries including advertising and marketing, arts and film, TV and radio, and museums and galleries are all part of this thriving economic sector, which is now worth almost £92bn, according to the figures published today by the Department for Digital, Media, Culture and Sport.
The creative industries’ contribution to the UK is up from £85bn in 2015 and it is growing at twice the rate of the economy. The sector now makes up more than five per cent of the UK economy’s GVA. Much of the increase has been driven by a boom in the computer services sub-sector. While this includes video games, it also covers wider digital industries.
DCMS sectors’ contribution to the UK economy overall continues to rise, with GVA at £248.5 billion in 2016, up 3.6 per cent year-on-year and up 29 per cent since 2010. DCMS sectors now account for 14.2 per cent of the UK’s GVA.
Secretary of State for Digital, Culture, Media and Sport Karen Bradley said:
Britain’s creative industries play an essential role shaping how we are seen around the world but as these new statistics show they are also a vital part of the economy.
The sector is now one of our fastest growing industries and continues to outperform the wider UK economy. This is a testament to the talent and drive of its workforce and we are working closely with them to make sure this fantastic success continues.
I am delighted to see the sectors my Department supports contributing so positively to people’s lives and helping strengthen the economy, as we work to build a Britain fit for the future.
The Government continues to back the creative industries sector. For example, dedicated tax relief to support high-end television productions, such as Game of Thrones and The Crown have seen a production boom worth £1.5 billion since the scheme was introduced in 2013. There was also £1 billion of inward investment in the film industry last year as a result of tax relief.