London has five major business districts: the City, Westminster, Canary Wharf, Camden & Islington and Lambeth & Southwark. [33][34] More than half of the London Stock Exchange top 100 listed companies (the FTSE 100) and over 100 of Europe's 500 largest companies are headquartered in central London. Accordingly, our forecast for 2020 stand at –11.3 percent. [84], For the 19th and much of the 20th centuries London was a major manufacturing centre (see Manufacturing in London), with over 1.5 million industrial workers in 1960. [7] The London fiscal surplus, £32.5 billion in 2016–17,[8] mostly goes towards funding services in other parts of the UK. Area 243,610 SQ.KM. Population 66,488,991. [72] The BBC is a key employer, other broadcasters also have headquarters around the city. [102] The main feature of the project is construction of 42 km (26 mi) of new tunnels connecting stations in central London including a branch to Canary Wharf in east London. Fri, 20th Nov 2020 08:07 (Alliance News) - … Over 70% of the FTSE 100 are located within London's metropolitan area, and 75% of Fortune 500 companies have offices in London. 18 per cent are in the professional, scientific and technical activities sector while 15 per cent are in the construction sector. It has a GDP of over £565 billion, which is about 17 percent of the UK's total GDP. For the global economy, it projected a less severe decline in GDP at -3.7% in 2020 compared to -4.4% in the September projection. Dezember 2020 23:14 Uhr Frankfurt | 22:14 Uhr London | 17:14 Uhr New York | 07:14 Uhr Tokio This consistently causes a serious incr… Crossrail, originally planned to open in 2018 but delayed until late 2020 or 2021,[101] will be a new railway line running east to west through London and into the surrounding countryside. The latest comprehensive information for - United Kingdom GDP Growth Rate - including latest news, historical data table, charts and more. [35], London's largest industry remains finance, it is the largest financial exporter in the world which makes a significant contribution to the UK's balance of payments. London has always been a commercial city and today enjoys the status of having one of the largest city economies in the world. The Gross Domestic Product (GDP) in the United Kingdom was worth 2827.11 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. [93], A multibillion-pound 10-year construction programme has begun in Nine Elms on the South Bank of the river Thames in central London. [1] In addition to being the capital city of the United Kingdom, London is one of the world's leading financial centres for international business and commerce and is one of the "command centres" for the global economy. [9], London generates approximately 22 per cent of the UK's GDP. 15 April 2020. The city thrives in trade and commerce and has a vibrant culture seeped in commerce. Retrieved 15 April 2020. However, it remained 7.9 percent below the levels seen in February 2020, before the full impact of the coronavirus pandemic. 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The economy of London is dominated by service industries, particularly financial services and associated professional services, which have strong links with the economy in other parts of the United Kingdom (UK) and internationally. The Development of London's Economy . There are downside risks if the lockdown is extended or does not succeed in bringing down infection rates, while upside risks would come from a smaller than anticipated fall in November as households switch to online consumption ahead of the holiday season. [36][37] In the 2017 Global Financial Centres Index, London was ranked as having the most competitive financial center in the world. [91] Food and drink manufacture remain in places, for example baking at Warburtons in Brimsdown, biscuits at United Biscuits in Harlesden, brewing at Fuller's Brewery in Chiswick, manufacture of coffee and chocolate by Nestlé in Hayes in West London, and refining of sugar and syrup by Tate & Lyle in Silvertown. [5] London had the fifth largest metropolitan economy in the world in 2011 according to the Brookings Institution. London shifted to a mostly service-based economy earlier than other European cities, particularly following the Second World War. [10][11] 841,000 private sector businesses were based in London at the start of 2013, more than in any other region or country in the UK. Further ahead, and conditioned on a market path for Bank Rate that falls slightly over the forecast period, the recovery in UK growth is supported by a pickup in global activity, a further decline in Brexit uncertainties and the Government’s announced spending measures. [6] Some of its neighbourhoods have estimated per capita GVA as high as £116,800 ($162,200). London is notable as a centre of international finance where foreign participants in financial markets come to deal with one another. The GDP value of the United Kingdom represents 2.33 percent of the world economy. Stefan Boscia. [78], A growing number of technology companies are based in London, notably in East London Tech City also known as Silicon Roundabout. [61][62][63][64][65][66], London is a leading global centre for professional services. According to research by Deloitte, "London has the most internationally diverse executive community in the world, attracting business leaders from 95 nationalities and with alumni working in 134 countries". Our forecasts assume a return to October levels of activity in December: in other words, we expect a rapid rebound following the end of the second lockdown. It is Europe's biggest construction project with a £15 billion projected cost. Mittwoch, 23. The development is forecast to create 27,000 jobs in London and the South East and contribute £2.4bn a year to its economy. [100] The Thameslink rail network is undergoing a £6bn programme to upgrade and expand the line. Another half a million employees resident in Greater London work in manufacturing and construction, almost equally divided between both.[31]. Gross domestic product (GDP) in the G20 area rebounded by 8.1% in the third quarter of 2020 following the unprecedented falls in the first half of the year due to … The Gross Domestic Product (GDP) in Germany was worth 3845.63 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. At 2.8%, London was the region containing the lowest proportion of employees engaged in UK manufacturing. Once the largest port in the world, the Port of London is today the second-largest in the United Kingdom, handling 48 million tonnes of cargo each year. Archived from the original on 30 March 2020. In the 2020 Global Financial Centers Index, London was ranked as having the second most competitive financial center in the world after New York City (alongside cities such as Shanghai, Tokyo, Hong Kong, Singapore, Beijing, San Francisco, Shenzhen and Zurich in the top 10). By Reuters Staff. London has an integrated public transport system operated by Transport for London under a single electronic ticketing system, the Oyster card. A substantial industrial plant remaining in operation is Ford Dagenham, the largest diesel engine manufacturing site in the world. The £1.5bn facility at Thurrock, Essex, is 20 miles (32 km) down the River Thames from London. Many of these are small and medium-sized enterprises.[12]. Since 2010, London-based technology companies have collectively raised $5.2 billion of venture capital funding. [46][47][48][49][50] London is the leading centre for international bank lending,[51] derivatives markets,[52] money markets,[53] international insurance,[54] trading in gold, silver and base metals through the London bullion market and London Metal Exchange,[55] and issuance of international debt securities. There is a £16/day congestion charge in Central London. GDP had, according to our monthly estimates, already recovered to a long way above the 2Q20 average by June … [67][68] Many different types of professional service providers are located in the city including the big four accountants and major management consulting firms. We expect growth to be 0.3 per cent in October. Transportation contributes to both the service and construction sectors of the London economy. A ring of 18 railway stations provides train links to cities, towns and villages around the country as well international services to Paris, Brussels and Amsterdam via the high-speed Eurostar. 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