Manufacturing less than 15% of economy
Growth in Gross Value Added, per cent growth (Rebased to 1992)
Business and financial services continue to form the largest single sector of the UK economy, and in 2003 accounted for 31.7 per cent of the total, which was more than double the size of the manufacturing sector.
The contribution to the economy of each individual producer, industry or sector is measured using Gross Value Added (GVA) at current basic prices, and in 2003, GVA for the whole economy was £981.7 billion.
In all years from 1992 to 2003, the business and financial services sector provided the largest contribution to GVA. In 2003, this industry group accounted for £310.9 billion out of £981.7 billion, and grew over 8.4 per cent between 2002 and 2003, a faster rate than that of growth in total GVA of 5.5 per cent.
The manufacturing industry contributed less than 15 per cent of the total in 2003. The sector's contribution was more than 20 per cent of GVA until 1998, when it stood at 20.1 per cent, but has fallen every year since then, to 14.8 per cent in 2003. The manufacturing sector contributed £146.1 billion in 2003, 1.2 per cent down on 2002.
The contribution of the construction industry increased in each year from 1998, from 5.1 per in 1998 to 6.2 per cent in 2003. The creative sector's contribution in 2003 was 9.2 per cent of the total, growing from 8.7 per cent in 1998. In 2003, wholesale and retail trades contributed £154.1 billion, growing by 5.4 per cent over 2002.
The agricultural industry's contribution fell below 1 per cent in 2001 for the first time, following the impact of foot and mouth disease, but in 2003 has recovered to just over 1 per cent.
In 2003, the contribution of Information and Communication Technologies (ICT) to whole economy GVA at current basic prices accounted for £65.5 billion, 6.7 per cent of the total. Also the trade deficit (exports less imports) in ICT products was £9.8 billion, the largest to date.
Household spending on all food sector products was £165.1 billion in 2003, up 66.4 per cent between 1992 and 2003. By comparison, spending on catering products consumed outside the home grew by 89.8 per cent.
In 2003, the contribution of the oil and gas sector to whole economy GVA at current basic prices accounted for £27.1 billion, 2.8 per cent of the total.
The Bank of England and HM Treasury are interested in separating out market sector activity from the total UK economy to assess the business cycle, monitor the output gap, and compare productivity between UK sectors and with other countries.
In 2003, market sector GVA contributed £877.1 billion out of £981.7 billion (89.3 per cent of the total), and grew by 5.7 per cent compared with 2002. The non-market sector contributed £150.5 billion (up by 6.0 per cent on 2002).