British creative industries output records all-time high

Britain's creative industries are worth an all-time high of 77 billion pounds (117 billion U.S. dollars) a year to the British economy, official government figures revealed Wednesday.

It means film, television and music businesses are earning a staggering 8.8 million pounds every hour, or 146,000 pounds every minute.

The new figures show the sector enjoyed a growth of almost 10 percent in 2013, three times that of wider British economy.

The sector accounts for 1.7 million jobs, or 5.6 percent of jobs in Britain, and government officials have already predicted 2015 to be another bumper year for British creative output.

The sector plays a key role in the government's long-term economic plan, an official statement said.

The figures also show that exports generated by creative industries are now worth more than 17 billion pounds a year, almost 9 percent of Britain's service exports.

The findings reveal that gross value added (GVA) has increased by 9.9 percent, which is more than three times that of the British economy as a whole, and higher than any other industry.

Secretary of State for Culture, Media and Sport, Sajid Javid said: "The UK's creative industries are recognised as world leaders around the globe and the figures show that they continue to grow from strength to strength. They are one of our most powerful tools in driving growth, outperforming all other sectors of industry and their contribution to the UK economy is evident to all." Endit