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London dominates service sector exports from Britain: ONS

Xinhua, May 11, 2017 Adjust font size:

Almost half of all of Britain's service exports, such as financial services, generated from London, the Office for National Statistics (ONS) said Thursday.

Statistics on exports of services show that London produced over 130 billion U.S. dollars worth of service exports in 2015, representing 46 percent of all exports of services from Britain.

ONS said London had the largest year-on-year increase in the value of service exports in 2015, with an increase of 11 billion U.S. dollars, a 9-percent-rise on 2014. The only other areas with a year-on-year increase in service exports were in the north of England, said ONS.

The report shows that financial services were responsible for 23 percent of all service exports in 2015 from Britain, followed by real estate, professional, scientific and technical (16 percent), travel (14 percent) and information and communication (14 percent).

London accounted for 56 percent of Britain's exports of financial services in 2015, followed by the North West of England accounting for 7 percent. In 2015, exports of financial services increased by 12 percent year-on-year in London and 8 percent in the rest of Britain.

ONS said Scotland had the highest percentage growth in exports of real estate, professional, scientific and technical services from 2011 to 2015, more than doubling from 2.07 billion U.S. dollars in 2011 to 4.4 billion U.S. dollars in 2015.

ONS added that exports of travel services grew by one-third across Britain between 2011 and 2015, with every region and country experiencing growth. This was driven by London, which accounted for more than half (55 percent) of Britain's travel services exports. Endit