Southwark's economy ranks among the most prosperous in England.
The Gross Domestic Product (GDP) in Southwark was worth an estimated £23 billion in 2019, according to figures published by the ONS. Southwark's GDP growth between 2018 and 2019 was 6.4% per year. Compare GDP by area.
The Professional, Scientific & Technical Service (e.g. legal, accounting) industry is the largest in Southwark based on the number of jobs, accounting for 24.0% of roles in the area.
2019 ONS figures suggest that there are 320,000 jobs in Southwark, which has a working-age (aged 16-65) population of 232,014. The 2019 job density in Southwark is 1.38, meaning there are 1.38 jobs per member of the Southwark working-age population.
Southwark had a mean average salary for full-time employees of £47,944 in 2021. Southwark's unemployment rate is 7.9% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Southwark is 232,014 or 72.5% of the total population.
In 2021, 92.1% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 12.4% are self-employed, and 87.6% are employees.
Southwark'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 Southwark working-age (aged 16-64) population who have a degree or higher is 65.7%, which is above the 42.8% degree qualification rate for England.
Over 78% of the Southwark working-age population have at least 2 A-levels (or equivalent), and 3% have no qualifications.
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Main page: Southwark Salary
The average salary in Southwark as of 2021 is £47,944. Between 2020 and 2021, average salaries fell by £7,175. Compare average salaries by area.
Southwark's salary growth rate is -13.02% per year based on changes in average salary between 2020 and 2021, which is 13.02% lower than the average salary growth rate in Southwark over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Southwark is Corporate Managers And Directors, accounting for 12% 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 Southwark is Administrative Occupations, with roles increasing 79% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Corporate Managers And Directors||21,600||12.4%||-16.3%|
|Business & Public Service Assoc. Professionals||21,300||12.2%||1.9%|
|Business, Media And Public Service Professionals||19,600||11.3%||24.8%|
|Science, Research, Engineering And Technology Profs||17,600||10.1%||53.0%|
|Elementary Administration & Service Occs||17,200||9.9%||22.9%|
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 Southwark is Professional, Scientific & Technical Service (e.g. legal, accounting). Other major industries include Business Administration & Support, Health, which represents over 10% of roles in Southwark.
Financial & Insurance companies make up 3% of the Southwark economy that's higher than the average for England as a whole (~3%).
10% of the total jobs in Southwark 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||60,000||24.0%|
|Business Administration & Support||28,000||11.2%|
|Information & Communication||24,000||9.6%|
The fastest-growing industry in Southwark is Agriculture, Forestry & Fishing, with jobs in the sector increasing 100% between 2019 and 2020 from 75 to 150. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Southwark between 2019 and 2020 was Construction, which saw an 33% decrease in roles, going from 6,000 to 4,000. 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 Southwark, the number of roles in this sector has fallen by 8% over the past year, below the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 115 large businesses in Southwark, making up 0.7% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 385 medium-sized businesses based in Southwark, making up 2.3% 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 1,725 small businesses based in Southwark, making up 10.2% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Southwark's unemployment rate is 7.9% 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 41.0% of the unemployed population.
Secondary classifications include groups: looking after family, long-term sick, 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