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Creative sector earns $120bln for British economy: figures

Creative sector earns $120bln for British economy: figures

LONDON: Britain’s creative industries earn the county’s economy almost 14 million U.S. dollars every hour, according to figures released here the other day.

The industry is now worth 120 billion U.S. dollars a year, the figures published by the government’s Department for Culture, Media and Sport showed.

The report showed the sector grew by 8.9 percent in 2014, almost double British economy as a whole, and now accounts for 5.2 percent of the British economy.

Department officials in London predict that 2016 is set to be a blockbuster year for the British music, film, video games, television and publishing sectors.

British films, music, video games, crafts and publishing are taking a lead role in driving Britain’s economic recovery, according to the latest Government statistics.

Minister for Culture Ed Vaizey said: “Growing at almost twice the rate of the wider economy and worth a staggering 84 billion pounds a year (120 billion U.S. dollars), our creative industries are well and truly thriving and we are determined to ensure its continued growth and success.”

Highlights for the sector for this year, cited by the DCMS, include the making of the Roald Dahl classic ‘BFG’ which is being directed by Stephen Spielberg to be released in cinemas in June, and Tolkein and Lewis, based on the friendship and rivalry of two of Britain’s foremost fantasy writers.

The number of people employed in Britain’s creative industries, including both creative and support jobs ,has continued to increase year-on-year and now exceeds 1.8 million jobs. The rate of increase in employment is bigger than in the wider British economy.

According to latest statistics, IT, software and computer services continues to be the largest part of the creative industries sector, accounting for 43.5 percent of the sector’s value to the economy.