Economy of London

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. 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.

Economy of London
London is the largest urban economy in Europe and, alongside New York, the city in the world most integrated with the global economy.
Statistics
Population8,796,628 (2021)
GDP£526.5 billion (2021)
GDP per capita
£59,855 (2021)
Labour force
4,829,000 / 76.1% in employment (Oct–Dec 2023)
Labour force by occupation
List
  • 34.5% Professional
  • 16.6% Associate professional
  • 12.5% Managers, directors and senior officials
  • 9.1% Administrative and secretarial
  • 6.6% Elementary occupations
  • 6.2% Caring, leisure and other service
  • 5.9% Skilled trades
  • 5.1% Sales and customer service
  • 3.1% Process plant and machine operatives
  • (Oct 2022 – Sep 2023)
Unemployment191,000 / 3.8% (Oct–Dec 2023)
Average gross salary
£796.30 per week (2023)
External
Exports£190.0 billion (2021)
Export goods
£37.8 billion (2021)
Imports£138.5 billion (2021)
Import goods
£62.6 billion (2021)

London is the most populous region, urban zone and metropolitan area in the United Kingdom. London had the fifth largest metropolitan economy in the world in 2011 according to the Brookings Institution. Some of its neighbourhoods have estimated per capita GVA as high as £116,800 ($162,200). The London fiscal surplus, £32.5 billion in 2016–17, mostly goes towards funding services in other parts of the UK.

London generates approximately 22 per cent of the UK's GDP. 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. 18 per cent are in the professional, scientific and technical activities sector while 15 per cent are in the construction sector. Many of these are small and medium-sized enterprises.

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