• Two new reports have revealed the extent of the financial worth of the arts and creative industries to the UK economy. Arts Council England has published Contribution of the arts and culture sector to the national economy, written by CEBR (Centre for Economics and Business Research) at the same time as the Creative Industries Federation’s Arts and Growth: How public investment in the arts contributes to growth in the creative industries.
Key findings include:
• The gross value added (GVA) of the creative industries experienced growth between 2012-2013 of 9.9% – higher than any other industrial sector, including financial services;
• Our publicly invested arts still return 0.4% of the UK’s GVA and contribute indirectly to GVA through tourism, overseas trade and regional growth;
• Arts and culture is worth £7.7 billion GVA to our economy;
• Arts and culture industries generated £15.1 billion in turnover in 2012-13 – an increase of 26% since 2010;
• For every pound spent on arts and culture, an additional £1.06 is generated in the economy;
• More than one in 12 UK jobs are in the creative economy, with employment increasing 5% between 2013 and 2014, compared with a 2.1% jobs increase in the wider economy;
• Nevertheless, the UK invests a smaller percentage, 0.3%, of its total GDP on arts and culture than other countries. Germany is 0.4%, the EU as a whole 0.5%, Denmark 0.7% and France 0.8%.
Read the full article in Amati magazine here