A new report by Arts Council England, Contribution of the arts and culture industry to the national economy, has highlighted the economic value of the creative industries.
Published on 13 July and written by Cebr (Centre for Economic and Business Research), the report provides new evidence that the arts and culture sector makes a strong, tangible contribution to the national economy.
The report was launched in conjunction with the Creative Industries Federation which has published its own report: Arts and Growth: How public investment in the arts contributes to growth in the creative industries.
The key points in the new Arts Council report are:
- The Gross Value Added of the creative industries experienced growth between 2012-2013 of 9.9%, which is higher than any other industrial sector, including financial services
- The UK's 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