Ungated Post | 18 Jan 2018
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’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues.
To find out more about our capabilities, contact:
Americas
Diantha Redd
+1 (646) 503 3052
Email
Asia Pacific
Peter Suomi
+65 6850 0110
Email
EMEA
Aoife Pearson
+44 (0)203 910 8054
Email
Related Services
Post
From disruption to reinvention: The future of supply chains in Europe
Published at the World Economic Forum’s Annual Meeting in Davos, this report explores three possible scenarios for how the Ukraine war could play out over the coming year, modelling the impact of each scenario on the Eurozone economy.
Find Out More
Post
De l’opportunité à l’impact – Évaluer les avantages économiques, sociétaux et culturels de YouTube en Belgique
Cette étude évalue la contribution de YouTube au PIB belge et au taux d’emploi en Belgique, ainsi que son impact plus large sur la société et la culture.
Find Out More
Post
Van mogelijkheden naar impact – Beoordeling van de economische, maatschappelijke en culturele voordelen van YouTube in België
Deze studie beoordeelt de bijdrage van YouTube aan het BBP en de tewerkstelling in België alsook de bredere impact op de maatschappij en cultuur.
Find Out More