London monitor | London to grow by 6.7%, as signs of recovery emerge
Our Oxford Economics Normality Tracker shows that London’s return to “normality” may have slowed recently. But we nevertheless forecast that GVA in London will rise by 6.7% this year, underpinned by strong growth in consumer spending as lockdown restrictions fall away.
What you will learn:
- We forecast that the fastest growth rates in 2021 will be found in Inner London boroughs (Hackney, Southwark, Newham). Overall, however, Outer London will grow faster in 2021 than Inner.
- The labour market situation remains challenging. Resident employment fell by -32,100 between September-November 2020 and December 2020-February 2021.
- House prices in London declined by -1.4% in February, the sharpest monthly drop in almost ten years.
Tags:
Related Services
Post
Shifting economic gravity in a Global Rebalance
Our Global Rebalance scenario explores a gradual movement from a unipolar, dollar-based system to one with two centres of economic and financial gravity – the US and China – driven by weaker US policy credibility and Chinese structural reforms.
Find Out More
Post
US holiday shoppers bring more cheer for retailers this year
We expect this holiday shopping season to be the strongest in four years, but it will be disproportionately driven by older, wealthier households.
Find Out More
