The Gross Domestic Product (GDP) in Barnet was worth an estimated £11 billion in 2019, according to figures published by the ONS. Barnet's GDP growth between 2018 and 2019 was 5.8% per year. Compare GDP by area.
The Health industry is the largest in Barnet based on the number of jobs, accounting for 16.0% of roles in the area.
2019 ONS figures suggest that there are 166,000 jobs in Barnet, which has a working-age (aged 16-65) population of 255,524. The 2019 job density in Barnet is 0.65, meaning there are 0.65 jobs per member of the Barnet working-age population.
Barnet had a mean average salary for full-time employees of £37,818 in 2021. Barnet's unemployment rate is 8.1% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Barnet is 255,524 or 64.0% of the total population.
In 2021, 91.9% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 19.5% are self-employed, and 80.5% are employees.
Barnet's working-age population ranks among the most educated in England.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Barnet working-age (aged 16-64) population who have a degree or higher is 61.7%, which is above the 42.8% degree qualification rate for England.
Over 76% of the Barnet working-age population have at least 2 A-levels (or equivalent), and 2% have no qualifications.
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Main page: Barnet Salary
The average salary in Barnet as of 2021 is £37,818. Between 2020 and 2021, average salaries grew by £149. Compare average salaries by area.
Barnet's salary growth rate is 0.40% per year based on changes in average salary between 2020 and 2021, which is 0.40% higher than the average salary growth rate in Barnet over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Barnet is Business & Public Service Assoc. Professionals, accounting for 13% of all roles in the area. In England as a whole, the largest job group is Business & Public Service Assoc. Professionals.
The fastest-growing type of job in Barnet is Administrative Occupations, with roles increasing 124% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Business & Public Service Assoc. Professionals||25,700||13.5%||2.0%|
|Business, Media And Public Service Professionals||23,400||12.3%||-4.1%|
|Science, Research, Engineering And Technology Profs||16,600||8.7%||0.0%|
|Corporate Managers And Directors||15,500||8.1%||-17.1%|
There was a 3% decrease in roles between 2019 and 2020. In England as a whole, there was a 2% decrease.
Based on the total number of jobs, the largest industry in Barnet is Health. Other major industries include Retail, Education, which represents over 10% of roles in Barnet.
Financial & Insurance companies make up 2% of the Barnet economy that's lower than the average for England as a whole (~3%).
5% of the total jobs in Barnet are in Information and Communication, one of the key sectors for the future, below the 5% of jobs in England as a whole.
|Professional, Scientific & Technical||12,000||9.2%|
|Business Administration & Support||11,000||8.4%|
The fastest-growing industry in Barnet is Agriculture, Forestry & Fishing, with jobs in the sector increasing 50% between 2019 and 2020 from 50 to 75. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Barnet between 2019 and 2020 was Motor trades, which saw an 40% decrease in roles, going from 2,500 to 1,500. In England more broadly the industry with the biggest year on year decline was Arts, entertainment & recreation, with roles decreasing by 8%.
The Information and communication industry includes many of the top companies of the future. In Barnet, the number of roles in this sector has fallen by 14% over the past year, below the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 30 large businesses in Barnet, making up 0.1% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 210 medium-sized businesses based in Barnet, making up 0.8% of total businesses - in England, 1.5% of businesses are medium-sized. A medium-sized business is defined as having between 50 and 249 employees.
There are 1,215 small businesses based in Barnet, making up 4.7% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Barnet's unemployment rate is 8.1% that's 3% higher than the average unemployment rate for England as a whole. Unemployment rates are the number of unemployed people as a percentage of the working-age population.
The main group within the unemployment population is Student, representing 40.0% of the unemployed population.
Secondary classifications include groups: looking after family, long-term sick, other, all of which represent over 10% of the unemployed population.
In England as a whole, students are the main group within the unemployed population, accounting for 28.9% of the unemployed population.
Source: Office for National Statistics licensed under the Open Government Licence v.3.0. Contains OS data © Crown copyright and database right 2021. Data sources: ONS Local statistics