The Economic Outlook for London

摘要

1. With the UK having finally crept out of recession at the turn of the year, London is expected to see a small increase in GVA (0.4%) in 2010, after a difficult 2009 in which we estimate that the region saw a fall in GVA of almost 5%. 2. The employment situation has been more positive than the GVA picture, with 'only' a 2% reduction (almost 100,000 jobs) in employment in 2009. But a further 20,000 job losses (-0.4%) are forecast for 2010, as the service sector sees rationalisation and recruitment freezes. A slow recovery in employment thereafter will keep demand for office space subdued.