WIREDGOV

Key points

• In 2011, the income generated by businesses in the UK, less the cost of goods and services used to create this income was estimated to be £977.4 billion. This amount represents the approximate Gross Value Added at basic prices (aGVA) of the UK Business Economy.
• Between 2010 and 2011, aGVA recorded a rise of 5.8% (£53.8 billion). This increase is a continuation of the recovery seen between 2009 and 2010 and takes aGVA to a level 1.4% (£13.5 billion) above that seen in 2008, at the start of the recession.
• The Service sector, which accounts for over half of aGVA in the UK Business Economy, led this recovery with aGVA rising 5.7% (£28.1 billion) between 2010 and 2011, the second consecutive annual increase, taking it above the level seen in 2008.
• In Distribution, Production and Construction there was suppressed growth in aGVA between 2010 and 2011 due to purchase costs increasing at a faster rate than turnover.
• Construction had the slowest rate of growth and, unlike the other sectors where aGVA is now close to or above the 2008 level, aGVA remains below that seen in 2008.
• When compared to the ABS Provisional results published on 15 November 2012, these revised results show minimal revision for the UK Business Economy. There were upward revisions of 0.6% (£19.2 billion) in turnover, 0.6% (£15.0 billion) in purchases and 0.3% (£3.3 billion) in aGVA. The direction of movements of aGVA for the broad industry groups remain unchanged.

Get all the tables for this publication in the data section of this publication.