UK Creative Industries Out Perform Financial Services In £71.4bn Bumper Year
This week official statistics were published by the DCMS revealing that the UK’s creative industries are now worth £71.4 billion per year to the UK economy. This was a growth of almost 10% in 2012, outperforming all other sectors of UK industry and positioning 1% ahead of the UK service industry as a whole.
The arts accounted for 1.68 million jobs in 2012, 5.6 per cent of UK jobs and makes up 5.2 per cent of the UK Economy. The UK’s creative Industries, which includes visual art, museums and galleries, film, television, theatre, and music industries are generating a staggering £8 million pounds an hour. Institutions including the British Museum, V&A and Tate Modern are a magnet for tourists and have helped bring in revenue to the sector. The British Museum recently reported its most successful year in terms of visitor numbers, helping to make London the number one international destination for tourism last year. This has all occurred despite being hit with a 7% funding cut last year, with some of the burden being shouldered by arts organisations and major museums and galleries.
The UK creative industries are renowned across the globe driving growth, investment and tourism. The Creative Industries Economic Estimates are official statistics used to measure the direct economic contribution of the Creative Industries to the UK economy; providing an analysis of the contribution made by the Creative Industries to UK Employment, Gross Value Added (GVA) and Exports of Services. Between 2009 and 2011 the value of service exports from the Creative Industries increased by 16.1 per cent. This compares with an increase of 11.5 per cent for total UK service exports.
Secretary of State for Culture, Media and Sport, Maria Miller commented; "These incredible statistics are confirmation that the Creative Industries consistently punch well above their weight, outperforming all the other main industry sectors, and are a powerhouse within the UK economy". "We are committed to ensuring that the energy, innovation, skills and talent existing in this dynamic sector continues to translate into economic success, and provide a remarkable platform from which, we can showcase Britain to the world"; she added.
Creative Industries Council Chair, Nicola Mendelsohn commented; "These figures amply demonstrate the huge contribution our sector makes to the economy and it’s vital that the right framework is in place to nurture and support the industry. We are working with Government on developing a growth strategy for the sector which will identify how all involved can ensure the creative industries continue to go from strength to strength".
The creative Industries groups are as follows, Museums, Galleries and Libraries, Architecture, Crafts, Design: Product, Graphic and Fashion Design, Film, TV, video, radio, Advertising and marketing, IT, software and computer services, Publishing, Music, performing and visual arts and photography.