New statistics reveal creative industries are worth £8m per hour to UK economy.
The UK’s creative industries are worth £71.4bn per year to the UK economy, according to new DCMS statistics.
According to the Creative Industries Economic Estimates, the creative industries generate more than £8m per hour and accounted for 1.68 million jobs in 2012 - 5.6% of all UK jobs.
In addition, the industries saw growth of almost 10% in 2012, outperforming all other sectors of UK industry.
The gross value added (GVA) by the industries – which include the film and TV sectors - has increased by 15.6% since 2008, according to the stats, compared with an increase of 5.4% for the UK economy as a whole.
Value of services exported by the industries was £15.5bn in 2011, 8% of total UK service exports. Exports value increased by 16.1% between 2009-11, compared with an increase of 11.5% for total UK service exports.
Secretary of State for Culture, Media and Sport, Maria Miller said the statistics showed that the UK creative industries “consistently punch well above their weight, outperforming all the other main industry sectors, and are a powerhouse within the UK economy”.
Creative Industries council chair, Nicola Mendelsohn added: “These figures amply demonstrate the huge contribution our sector makes to the economy and it’s vital that the right framework is in place to nurture and support the industry. We are working with Government on developing a growth strategy for the sector which will identify how all involved can ensure the creative industries continue to go from strength to strength.”
Creative industries groups include film, TV, video, radio, music, performing arts, IT, publishing, advertising and marketing and museums.