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. Many of these are small and medium-sized enterprises.. 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). 1 Min Read. 146–47. , Other large construction projects include Kings Cross Central and Paddington Waterside. One way to get an idea of their relative importance is to look at relative amounts of office space: Greater London had 26,721,000 m2 of office space in 2001. Due to the advance and enhancing facilities and opportunities of education, health and other profiting fields, a large number of people immigrate to London every year. The Development of London's Economy . Growth in the fourth quarter will be much slower than in the third quarter and is likely to turn negative, due to weaker growth in October and a second lockdown from November.  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. 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.  The City of London is home to exchanges, banks, brokers, investment managers, pension funds, hedge funds, private equity firms, insurance companies and reinsurance markets. The city thrives in trade and commerce and has a vibrant culture seeped in commerce. 18 per cent are in the professional, scientific and technical activities sector while 15 per cent are in the construction sector. Transport improvement plans include two new Northern line tube stations, riverbus piers, new bus services and a network of cycle lanes and footpaths. London produced £487 billion ($624B) or around 1/4 of UK GDP in 2018, while the economy of the London metropolitan area — the largest in Europe—generates around 1/3 of the UK's GDP or almost $1.0 trillion. It will run on 118 km (73 mi) of track with a branch to Heathrow Airport. The least expensive commercial districts are Waterloo & Southwark and East London Tech City, a new, but growing hub of start up technology companies, also known as Silicon Roundabout – approximately £65 per sq ft per annum. 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. relatively low taxes for corporations and non-domiciled foreign individuals; good transport infrastructure particularly its aviation industry; This page was last edited on 21 December 2020, at 02:52.  A report by EY highlighted the importance of London to the UK's FinTech industry in terms of availability of expertise and demand for services. , London is a leading global centre for professional services. The development is forecast to create 27,000 jobs in London and the South East and contribute £2.4bn a year to its economy.  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. Over 70% of the FTSE 100 are located within London's metropolitan area, and 75% of Fortune 500 companies have offices in London. 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Pharmaceutical and biotechnology companies in the United Kingdom still have a presence in London, including the world headquarters of GlaxoSmithKline.. The GDP value of Germany represents 3.17 percent of the world economy. Monthly estimates suggest that growth in September itself was 1.1 per cent, meaning that GDP at the end of the quarter was still 8.2 per cent below its pre-pandemic February level. English being the native language and the dominant international language of business; its past role as the capital of the former. A useful guide to the distribution of wealth across London is the cost of renting office space. 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". The GDP value of the United Kingdom represents 2.33 percent of the world economy. London is notable as a centre of international finance where foreign participants in financial markets come to deal with one another.  Some of its neighbourhoods have estimated per capita GVA as high as £116,800 ($162,200).  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. London Gateway, the UK's newest container port, opened in 2013. The city's network successfully provided transport for the 2012 Summer Olympics.  The Ultra Low Emission Zone (ULEZ) adds an extra charge of £12.50/day for vehicles which do not meet Euro 4 standards for petrol and Euro 6 for diesel (which corresponds to vehicles made before 2007 and 2015 respectively. Transportation contributes to both the service and construction sectors of the London economy. Manufacturing suffered dramatic decline from the 1960s on. 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. London has five major business districts: the City, Westminster, Canary Wharf, Camden & Islington and Lambeth & Southwark. 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. Decentralisation would benefit everyone, says Jack Brown, research manager at Centre for London 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. ^ Statistical Yearbook of Serbia Archived 13 October 2017 at the Wayback Machine, pp. It is expected to be able to handle 3.5 million containers a year.  Tourism employed the equivalent of 350,000 full-time workers in London in 2003, whilst annual expenditure by tourists is around £15bn. London is served by six international airports which are the world's busiest city airport system by passenger traffic. In 2014, the government identified 20 new housing zones across London, and in February 2015 the development of the first nine zones was approved, which will create 28,000 new homes by 2025 from £260m of investment.. ^ a b c GDP-2019 is a preliminary data, and GDP-2018 is a revision based on the 2018 CASEN: "Home - Regional - Quarterly by Province" (Press release). , Media companies are concentrated in London and the media distribution industry is London's second most competitive sector. Most of the streets of central London were laid out before cars were invented and London's road network is often congested. Aktuelle Nachrichten aus Nordrhein-Westfalen. It has a GDP of over £565 billion, which is about 17 percent of the UK's total GDP. London is the most visited city in the world by international tourists with 18.8 million international visitors forecast in 2015, ahead of Bangkok (18.2 million) and Paris (16.1 million). Soho is the centre of London's post-production industry. Fitch Ratings-London/New York-18 December 2020: Uruguay’s recent GDP revision has resulted in positive and negative changes in credit metrics, but these will not be decisive for the resolution of the Negative Outlook on the sovereign’s ‘BBB-’ rating, Fitch Ratings says. , The combination of lax regulation and London's financial institutions providing sophisticated methods to launder proceeds from criminal activity around the world, including those from drug trade, makes the City a global hub for illicit finance and London a safe haven for the world's malfeasants, according to research papers and reports published in the mid-2010s. In terms of GDP purchasing power parity, the UK is in the ninth spot with a GDP (PPP) of The UK is ranked 23rd for GDP per capita which is $42,558. Another half a million employees resident in Greater London work in manufacturing and construction, almost equally divided between both.. Latest ONS estimates published this morning show that the UK economy grew by15 ½ per cent in the third quarter of 2020, as the economy recovered from the first phase of the Covid-19 pandemic and resultant public health measures. London was named the city with the best real estate investment opportunities for foreign investors in 2014.  Other key institutions are Lloyd's of London for insurance, the Baltic Exchange for shipping. 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