London economy battles through recession to grow by 12.4 per cent

The painful impact of Britain’s financial crisis couldn’t stop London’s economy growing by 12.4 per cent between 2007-2011, according to new figures. 

Cited by telegraph.co.uk, a table of economic performance from the Office for National Statistics shows London well out on top in terms of gross added value (GVA). 

This tracks the economic contribution of individual sectors and businesses, from event venues to shopping centres.

Levels of growth ranged from 2.3 per cent from the East Midlands right up to London’s 12.4 per cent, but the capital city was the only area that managed to surge past the 10 per cent barrier.

The South West placed second with a grading of 6.8 per cent, with the South East growing by 6.4 per cent – possibly boosted by its proximity to London.

A clear difference in economic contribution was also on show in the readings for employment, which saw London grow its workforce by 267,000 between September 2007-September 2012. Contrastingly, all other regions and countries bar the South West and Wales saw a drop in staff numbers.

According to cityam, London’s share of the UK’s total economic output now stands at a record-breaking 21.9 per cent.

ONS researchers said the city’s path through the recession took a much different route from other regions, as growth in output remained strong even as the economy shrunk for the first time in 16 years during 2008.