Creative industries are growing at twice the rate of the UK economy, new figures show

Take a step back and be proud of how your hard work as a creative contributes to the UK economy, with the release of new figures by the Department for Digital, Media, Culture and Sport (DCMS).

The creative industries sector was worth almost £92 billion in 2016 – up from £85 billion in 2015 – and it’s growing at twice the rate of the UK economy, according to a report released by the department yesterday, which provides an estimate of the contribution of DCMS sectors.

Creative industries such as advertising, marketing, arts, film, TV and radio and galleries are all included in the sector which now makes up more than five percent of the UK economy’s gross value added (GVA) – which measures the value of goods and services produced without associated costs. The numbers reflect results from 2016.

The increase is driven by a boom in the computer services sub-sector, says the DCMS, which covers wider digital industries as well as video games. DCMS sectors now account for 14.2 percent of the UK’s GVA.

The UK digital sector’s contribution to the UK economy has increased by 5.8 percent between 2015 and 2016 – and by 23.3 percent since 2010.

The Government continues to look at ways to support the creative industries, with initiatives such as the UK Games Fund which helps video game companies grow with grants to support new projects and talent. This has just been extended until 2020.

Earlier this week it was announced the immersive technologies such as virtual and augmented reality will receive £33 million from the Industrial Strategy Challenge Fund, as part of the Government’s Industrial Strategy.

An £80 million Creative Industries Cluster Programme competition has also been announced, looking to boost the sector by part-funding research partnerships between universities and the industry.

It’s also worth noting the Government’s Digital Strategy published earlier this year, aiming to grow digital businesses, and the announcement last week, which included more than £500m of investment in technologies including artificial intelligence (AI), 5G and full fibre broadband.

Read the full DCMS Sector Economic Estimates 2016: GVA Report, which also includes sport, telecoms and tourism sectors.

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