The Gross Domestic Product (GDP) in London was worth an estimated £504 billion in 2019, according to figures published by the ONS. London's GDP growth between 2018 and 2019 was 4.2% per year. Compare GDP by area.
The Professional, Scientific & Technical Service (e.g. legal, accounting) industry is the largest in London based on the number of jobs, accounting for 14.0% of roles in the area.
2019 ONS figures suggest that there are 6,224,000 jobs in London, which has a working-age (aged 16-65) population of 6,050,828. The 2019 job density in London is 1.03, meaning there are 1.03 jobs per member of the London working-age population.
London had a mean average salary for full-time employees of £53,717 in 2021. London's unemployment rate is 6.6% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in London is 6,050,828 or 67.2% of the total population.
In 2021, 93.4% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 15.4% are self-employed, and 84.6% are employees.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the London working-age (aged 16-64) population who have a degree or higher is 58.7%, which is above the 42.8% degree qualification rate for England.
Over 71% of the London working-age population have at least 2 A-levels (or equivalent), and 5% have no qualifications.
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Main page: London Salary
The average salary in London as of 2021 is £53,717. Between 2020 and 2021, average salaries fell by £2,212. Compare average salaries by area.
London's salary growth rate is -3.96% per year based on changes in average salary between 2020 and 2021, which is 3.96% lower than the average salary growth rate in London over the past 9 years.
In London, the highest average wages are found in Inner London where the average salary is £60,464 and the lowest average wages are found in Outer London where the average salary is £39,781. The difference in average salary between the two areas is £20,683 - the average person in Inner London earns 52.0% more than the average person in Outer London.
Business data published by the ONS in 2020 show the most common job group in London is Business & Public Service Assoc. Professionals, accounting for 11% 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 London is Customer Service Occupations, with roles increasing 18% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Business & Public Service Assoc. Professionals||532,300||11.5%||8.3%|
|Business, Media And Public Service Professionals||522,200||11.2%||7.7%|
|Corporate Managers And Directors||454,000||9.8%||-3.2%|
|Science, Research, Engineering And Technology Profs||417,200||9.0%||12.4%|
There was a 2% 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 London is Professional, Scientific & Technical Service (e.g. legal, accounting). Other major industries include Health, which represents over 10% of roles in London.
Financial & Insurance companies make up 8% of the London economy that's higher than the average for England as a whole (~3%).
8% of the total jobs in London are in Information and Communication, one of the key sectors for the future, above the 5% of jobs in England as a whole.
|Professional, Scientific & Technical||735,000||14.0%|
|Business Administration & Support||507,000||9.6%|
|Information & Communication||406,000||7.7%|
The fastest-growing industry in London is Mining, Quarrying & Utilities, with jobs in the sector increasing 13% between 2019 and 2020 from 31,000 to 35,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in London between 2019 and 2020 was Motor trades, which saw an 36% decrease in roles, going from 53,000 to 34,000. 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 London, the number of roles in this sector has fallen by 9% over the past year, below the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 2,170 large businesses in London, making up 0.4% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 7,805 medium-sized businesses based in London, making up 1.5% 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 38,900 small businesses based in London, making up 7.3% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
London's unemployment rate is 6.6% that's 1% 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 35.8% 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