December 4, 2017
The Department for Culture, Media and Sport has published the DCMS Sectors Economic Estimates 2016: GVA, which are the official statistics used to provide an estimate of the contribution of DCMS sectors to the UK economy, measured by GVA (gross value added).
The figures show that the UK’s creative industries made a record contribution to the economy in 2016.
Industries including advertising and marketing, arts and film, TV and radio, and museums and galleries are all part of this thriving economic sector, the Government says, which is now worth almost £92 billion, according to the figures.
The creative industries’ contribution to the UK is up from £85 billion in 2015 and it is growing at twice the rate of the economy. The sector now makes up more than five per cent of the UK economy’s GVA. Much of the increase has been driven by a boom in the computer services sub-sector. While this includes video games, it also covers wider digital industries.
DCMS sectors’ contribution to the UK economy overall continues to rise, with GVA at £248.5 billion in 2016, up 3.6% year-on-year and up 29% since 2010. DCMS sectors now account for 14.2% of the UK’s GVA.
The Government says that its dedicated tax relief to support high-end television productions, such as Game of Thrones and The Crown, has seen a production boom worth £1.5 billion since the scheme was introduced in 2013. There was also £1 billion of inward investment in the film industry last year as a result of tax relief.
Further, the Government’s UK Games Fund, which helps video game companies grow with grants to support new projects and talent, has just been extended until 2020. The Government has also recently announced the opening of a £80 million Creative Industries Clusters Programme competition, which will boost innovation in the sector by part funding research partnerships between universities and industry.
The figures show also that the UK’s world leading digital sector has seen its contribution to the UK economy increase by 5.8% between 2015 and 2016, and by 23.3% since 2010. To read the Government’s press release in full and for a link to the figures, click here.