London Monitor: Growth continues but the economy lacks vigour
Survey evidence paints a mixed picture of the London economy, with continuing growth but some signs of slowdown and of possible problems ahead. Employment has continued to rise, as have property prices, and travel and tourism are strengthening, but global economic challenges potentially impact London more than most cities. We forecast 4.3% GVA growth this year, 2.0% next year.
What you will learn:
- In March the IHS Markit Purchasing Managers’ Index for London showed a rise in the business activity score, but declines in both the rate of new business growth and expectations for future output.
- Office vacancy rates fell in Central London in March and rents improved slightly, with a similar story for Central London retailing. Outside the centre, retail vacancy rates remain high.
- We expect GVA in London to grow by 4.3% in 2022 before moderating to 2.0% growth in 2023.
Related Posts
Post
Big challenges remain for CRE development viability in the UK
Financial pressures from surging material costs and supply chain disruption are easing in the UK, but we remain downbeat on the viability of UK commercial real estate development.
Find Out More
Post
Funding the Future: The UK’s energy transition in a global context
This report commissioned by Energy UK investigates what governments around the world have done to attract investment in clean technologies and what this means for the UK as it considers its next steps in the energy transition.
Find Out More