The Gross Domestic Product (GDP) in Westminster was worth an estimated £74 billion in 2019, according to figures published by the ONS. Westminster's GDP growth between 2018 and 2019 was 5.0% per year. Compare GDP by area.
The Professional, Scientific & Technical Service (e.g. legal, accounting) industry is the largest in Westminster based on the number of jobs, accounting for 16.8% of roles in the area.
2019 ONS figures suggest that there are 803,000 jobs in Westminster, which has a working-age (aged 16-65) population of 190,345. The 2019 job density in Westminster is 4.22, meaning there are 4.22 jobs per member of the Westminster working-age population.
Westminster had a mean average salary for full-time employees of £61,666 in 2021. Westminster's unemployment rate is 7.1% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Westminster is 190,345 or 70.5% of the total population.
In 2021, 92.9% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 17.0% are self-employed, and 83.0% are employees.
Westminster'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 Westminster working-age (aged 16-64) population who have a degree or higher is 65.4%, which is above the 42.8% degree qualification rate for England.
Over 78% of the Westminster working-age population have at least 2 A-levels (or equivalent), and 6% have no qualifications.
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Main page: Westminster Salary
The average salary in Westminster as of 2021 is £61,666. Between 2020 and 2021, average salaries fell by £2,533. Compare average salaries by area.
Westminster's salary growth rate is -3.95% per year based on changes in average salary between 2020 and 2021, which is 3.95% lower than the average salary growth rate in Westminster over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in Westminster is Business, Media And Public Service Professionals, accounting for 20% 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 Westminster is Culture, Media And Sports Occupations, with roles increasing 74% 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||24,200||20.4%||58.2%|
|Business & Public Service Assoc. Professionals||17,600||14.9%||-19.3%|
|Corporate Managers And Directors||15,600||13.2%||4.0%|
|Science, Research, Engineering And Technology Profs||10,400||8.8%||55.2%|
There was a 4% 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 Westminster is Professional, Scientific & Technical Service (e.g. legal, accounting). Other major industries include Accommodation & Food Services, Public Administration & Defence, which represents over 10% of roles in Westminster.
Financial & Insurance companies make up 8% of the Westminster economy that's higher than the average for England as a whole (~3%).
9% of the total jobs in Westminster 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||122,000||16.8%|
|Accommodation & Food Services||81,000||11.1%|
|Public Administration & Defence||77,000||10.6%|
|Information & Communication||67,000||9.2%|
The fastest-growing industry in Westminster is Mining, Quarrying & Utilities, with jobs in the sector increasing 33% between 2019 and 2020 from 3,000 to 4,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Westminster between 2019 and 2020 was Agriculture, forestry & fishing, which saw an 75% decrease in roles, going from 400 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 Westminster, the number of roles in this sector has fallen by 4% over the past year, below the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 405 large businesses in Westminster, making up 0.8% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 1,335 medium-sized businesses based in Westminster, making up 2.6% 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 6,260 small businesses based in Westminster, making up 12.0% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Westminster's unemployment rate is 7.1% that's 2% 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 45.0% 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