LONDON: UK businesses earned over £1 trillion last year, according to Office for National Statistics (ONS) figures published today.
The ONS Annual Business Survey showed that the Gross Value Added at basic prices (aGVA), which relates to the income of businesses less the cost of goods and services consumed in creating that income, for UK non-financial businesses in 2014 was an estimated £1.1 trillion.
That’s up 10 per cent from the year before, the largest annual percentage increase since 1997.
Most sectors performed well, with the exception of production. Thanks to a decrease in mining and quarrying turnover, the sector’s aGVA decreased 0.4 per cent for the year.
But the non-financial services sector, which includes professional, communications and administrative services, performed particularly strongly, adding 10.7 per cent to its aGVA compared to last year, the fifth consecutive year of growth for the sector.
