UK creative industries worth £84.1 billion to UK economy

Nicola Mendelsohn, the vice president for EMEA at Facebook, has welcomed figures from the government showing that the UK creative industries are worth £84.1 billion to the UK economy.

Nicola Mendelsohn: the vice president for EMEA at Facebook
Nicola Mendelsohn: the vice president for EMEA at Facebook

According to the latest figures from the Department for Culture Media and Sport, the UK’s creative industries grew by 8.9 per cent in 2014, nearly double that of the UK economy as a whole.

The industries generate almost £9.6 million an hour and were worth £84.1 billion to the UK economy in 2014.

In a Facebook post, Mendelsohn, who is also co-chair of the Creative Industries Council, wrote: "Thrilled to see new figures today from @DCMS – the UK Creative Industries are growing twice as fast as the UK economy as a whole.

"As a community, we contributed a record £84.1 billion a year to the UK economy last year – that’s £9.6 million every hour. Our creative industries are thriving, and I can’t wait to see what the next year brings."

Thrilled to see new figures today from @DCMS – the UK Creative Industries are growing twice as fast as the UK economy as...

Posted by Nicola Mendelsohn on Tuesday, January 26, 2016

Despite geopolitical instability, potentially higher interest rates and uncertainty over the UK exiting the European Union, the IPA's latest Bellwether Report has seen UK adspend growth projections increase from 3.7 per cent in the third quarter of 2015, to 3.9 per cent for Q4.

However, the report also found that ad budget growth is at a three-year low. The report highlighted that marketers’ confidence in their industry’s financial prospects remains low at 7 per cent, up from 6.8 per cent in the previous survey. 

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