City of London's economy ranks among the most prosperous in England.
The Gross Domestic Product (GDP) in City of London was worth an estimated £71 billion in 2019, according to figures published by the ONS. City of London's GDP growth between 2018 and 2019 was 3.2% per year. Compare GDP by area.
The Financial & insurance industry is the largest in City of London based on the number of jobs, accounting for 35.2% of roles in the area.
2019 ONS figures suggest that there are 674,000 jobs in City of London, which has a working-age (aged 16-65) population of 7,528. The 2019 job density in City of London is 89.53, meaning there are 89.53 jobs per member of the City of London working-age population.
City of London had a mean average salary for full-time employees of £94,333 in 2021.
The 2019 labour force or working-age population in City of London is 7,528 or 68.8% of the total population.
In 2021, 100.0% of the labour market was recorded as employed, above the 94.8% average rate for England. Of those employed, 0.0% are self-employed, and 100.0% are employees.
City of London'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 City of London working-age (aged 16-64) population who have a degree or higher is 100.0%, which is above the 42.8% degree qualification rate for England.
Over 100% of the City of London working-age population have at least 2 A-levels (or equivalent), and 0% have no qualifications.
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Main page: City of London Salary
The average salary in City of London as of 2021 is £94,333. Between 2020 and 2021, average salaries grew by £1,535. Compare average salaries by area.
City of London's salary growth rate is 1.65% per year based on changes in average salary between 2020 and 2021, which is 1.65% higher than the average salary growth rate in City of London over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in City of London is Business, Media And Public Service Professionals, accounting for 100% 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 City of London is Business, Media And Public Service Professionals, with roles increasing between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Business, Media And Public Service Professionals||500||100.0%|
|Corporate Managers And Directors||0||0.0%|
|Other Managers And Proprietors||0||0.0%|
|Science, Research, Engineering And Technology Profs||0||0.0%|
There was a 2% increase 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 City of London is Financial & insurance. Other major industries include Information & Communication, Professional, Scientific & Technical, Business Administration & Support, which represents over 10% of roles in City of London.
Financial & Insurance companies make up 35% of the City of London economy that's higher than the average for England as a whole (~3%).
10% of the total jobs in City of London are in Information and Communication, one of the key sectors for the future, above the 5% of jobs in England as a whole.
|Financial & Insurance||194,000||35.2%|
|Professional, Scientific & Technical||132,000||24.0%|
|Business Administration & Support||70,000||12.7%|
|Information & Communication||56,000||10.2%|
|Accommodation & Food Services||19,000||3.5%|
The fastest-growing industry in City of London is Mining, Quarrying & Utilities, with jobs in the sector increasing 40% between 2019 and 2020 from 2,500 to 3,500. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in City of London between 2019 and 2020 was Motor trades, which saw an 33% decrease in roles, going from 150 to 100. 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 City of London, the number of roles in this sector has fallen by 2% over the past year, below the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 310 large businesses in City of London, making up 1.4% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 950 medium-sized businesses based in City of London, making up 4.3% 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 3,195 small businesses based in City of London, making up 14.3% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
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