UK Non-Financial Business Economy, 2013 Provisional Results (Annual Business Survey)

13 Nov 2014 02:29 PM

Key points

• In 2013 the approximate Gross Value Added at basic prices (aGVA) of the UK Non-Financial Business Economy reached £1 trillion for the first time, with an estimated value of £1,012.6 billion. This amount represents the income generated by businesses in the UK, less the cost of goods and services used to create this income.
• Between 2012 and 2013, aGVA increased by 8.1% (£76.3 billion), the largest annual percentage increase since 1997. This increase is a continuation of the recovery seen between 2009 and 2012 and takes aGVA to a level 11.3% (£103.0 billion) above that seen in 2008, at the start of the recession.
• For the first year since the start of the recession in 2008 all sectors of the UK Non-Financial Business Economy, as measured by the Annual Business Survey (ABS), saw growth in aGVA between 2012 and 2013.
• The Non-Financial Service sector, which accounts for over half (54.7%) of aGVA in the UK Non-Financial Business Economy, contributed most to the increase in aGVA. The sector’s increase of 9.7% (£48.9 billion) between 2012 and 2013 was the fourth consecutive annual increase, taking it to 25.1% (£111.1 billion) above the level seen in 2008.
• The Production sector, which accounts for just over a fifth of aGVA in the UK Non-Financial Business Economy, saw an increase in aGVA of 4.7% (£10.0 billion) between 2012 and 2013. The increase sees Production sector aGVA above the level in 2008 for the first time.
• The Distribution sector, which accounts for just over a seventh of aGVA in the UK Non-Financial Business Economy, also saw an increase in aGVA of 6.5% (£9.3 billion) between 2012 and 2013. This follows two consecutive annual decreases between 2010 and 2012, with the level in 2013 remaining below the level seen in 2008.
• The Construction sector, which accounts for 7.9% of aGVA in the UK Non-Financial Business Economy, saw an increase in aGVA of 10.7% (£7.7 billion) between 2012 and 2013. This is the third consecutive year of growth, which leaves Construction aGVA £4.9 billion lower than the level in 2008.

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