BP’s impact on the UK economy in 2016
Building on the comprehensive report of BP's impact on the UK economy in 2014, and the update for 2015, this report shows that BP's activities continue to contribute substantially to the UK economy.
In total, BP’s direct, indirect and capital expenditures are estimated to have supported one in every 260 jobs in the UK in 2016, or 0.4% of all employment in the country. An estimated 0.5% of UK GDP in 2016 was in some way reliant on BP’s activities–whether directly, indirectly, or through the company’s capital expenditure. That is £1 in every £190 of GDP created in Britain during the year.
BP has a large economic footprint across many parts of the UK. It directly employed 16,685 people in 2016, including BP’s core workforce, retail workforce, and contractors. Of these, 6,600 people worked in the South East, 3,300 in London, 3,000 in Scotland, 1,400 in the East of England, and 690 in Yorkshire and the Humber.
Moreover, BP's employees are highly productive; on average, each worker created £250,000 in gross value added contribution for the UK economy in 2016, equivalent to 4.2 times the national average productivity per worker in 2016.
Oxford Economics Research Team
Our Economics Impact team produces original, evidence-based research made accessible to decision-makers and opinion leaders. Principals for this project included: