CBI: Minerals critical to the UK economy
3 Feb 2016 01:29 PM
A new report shows how critical the UK mineral extraction industry, particularly the non-energy sector, is to the economy.
Prepared by Mineral Products Association Ltd. (MPA) on behalf of the CBI Minerals Group, The UK Mineral Extraction Industry found that mineral extraction contributes to the UK economy by underpinning £235bn in value added, representing 16% of the total UK economy.
By looking at historical and current production patterns this report illustrates that minerals are essential, providing the foundations for every sector of the economy by supplying vital raw materials at the heart of UK growth.
New findings in this report reveal that:
- UK Minerals extraction generates a turnover of £15bn, and £5bn in Gross Value Added (GVA)
- Including products manufacture and direct markets, UK minerals generate a GVA of £235bn, 16% of the total UK Economy
- Minerals extraction directly employs 34,000 people, and supports 4.3m jobs through its supply chain.