New government figures, released yesterday by the DCMS, report that publishing contributed in excess of £10 billion to the UK economy in 2018.
The Publishers Association said: "These figures show that publishing is more valuable to the UK economy than music, performing and visual arts; architecture; crafts and museums, galleries and libraries."
The contribution accounted for 0.5% of UK GVA, provided 8.99% of the total GVA contributed by the Creative Industries, and increased its GVA by 1.4% compared to 2017. Gross value added (GVA) is a metric for the contribution made to an economy by one individual producer, industry, sector or region, and is used in the calculation of gross domestic product (GDP).
The Creative Industries contributed £111.7 billion to the UK economy in 2018, accounting for 5.8% of UK GVA. Between 2017 and 2018, the Creative Industries’ GVA grew by 7.4% in real terms, which is more than five times the growth rate of the UK economy as a whole (1.4% increase).
Stephen Lotinga, c.e.o. of the PA, praised the contribution publishing makes to the economy which he noted hinges on "our gold-standard copyright regime" which the government must protect.
"Publishing contributes hugely to the UK, both financially and culturally," said Lotinga, adding: "These impressive figures are partly testament to our gold-standard copyright regime which allows us to act as a creative export powerhouse and protect UK creators’ work. The Government must ensure, as it negotiates free trade agreements, that we can continue to sell our highly valuable intellectual property across the globe."