Creative sector adds £101 billion to UK economy

By November 28, 2018 Press Releases

The creative sector contributed over £101 billion to the UK economy in 2017, according to provisional estimates published by the Department for Digital, Culture, Media and Sport today.

The statistics show the creative sector’s Gross Value Added (GVA) contribution has increased significantly over time, rising from £66 billion in 2010 to £101 billion in 2017, an increase of 53%. This was the fastest growth among the Department of Culture, Media and Sport sectors, and an increase nearly twice as fast as the UK economy (28.7% increase in the UK between 2010 and 2017).

The provisional 2017 figures are also a significant improvement on 2016, when the industry’s GVA was £94.8 billion.

The creative sector’s £101 billion contribution accounted for 5.5% of total GVA in 2017. As part of the creative sector, the video games industry makes up part of this impressive contribution.

Dr Richard Wilson, CEO of TIGA, said:

“The creative industries have broken the £100 billion barrier for the very first time, which is a momentous achievement. The video games industry has played its part. We continue to be a robust, innovative industry that continues to produce highly successful titles.

“However, the Government can do more to support the video games industry specifically. TIGA’s plan for a Games Investment Fund would be an important step for the video games industry and allow the sector to reach its full potential. It would improve developers’ access to finance, encourage new intellectual property, and continue to strengthen the growth we have seen so far.”

 




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