The economic impact of bp in the UK
In collaboration with BP
This report, produced in collaboration with bp, demonstrates the impact that bp had on the UK national and regional economies in 2023. We quantify the contribution made through its own operations, as well as the economic activity it supports through its operational and capital spending. These impacts are presented in terms of the gross value added contribution to GDP, the employment, and the tax revenues that bp supports across the country.
Oxford Economics’ analysis shows that bp made a significant contribution to the UK economy. We estimate that in 2023, bp supported £17.1 billion in gross value added contribution to UK GDP. This was equivalent to 0.64% of national GDP, or £1 in every £160 of UK GDP in that year, bp sustained a total of 81,000 jobs in the UK, making up 0.24% of national employment, and stimulated £5.4 billion in tax payments to the UK government.
The experts behind the research
Our Economic Consulting team are world leaders in quantitative economic analysis, working with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques. Lead consultants on this project were:
Tim Porteous
Senior Economist, Economic Footprint & Sustainability
Rob Harbron
Associate Director, Economic Footprint & Sustainability
Jordan Mencattelli
Economist, Economic Footprint & Sustainability
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