London outperforms the rest of the UK

New data from the Office of National Statistics (ONS) shows that the UK has outperformed the rest of the UK in the last five years (release).

(Source: ONS)

Over this period, London’s nominal output has risen faster than other regions; its employment and unemployment rates have fared better than other regions; it has seen a larger growth in its active business stock; it has seen an increase of over 250,000 jobs whilst most other regions have seen a decline; and the average incomes of its residents have increased when compared to residents elsewhere in the UK.

The net effect is that from 2007 to 2011 London’s economy (GVA) grew by a nominal 12.4% compared to between 2.3% and 6.8% across other UK regions. This led to London’s share of UK output rising from 20.7% to 21.9% over the period.