By Daniel Hunter
The creative industries contribute £8.8 million per hour to the UK economy, making it one of the most rapidly growing sectors of the global financial system, according to freelance marketplace PeoplePerHour.
It means the industries added £77 billion to the UK economy in 2014 alone.
PeoplePerHour’s research showed that the creative economy is growing at a tremendous rate, and now makes up 6.5-7% of global output. While one in 10 people currently work within the creative industries, this figure is likely to rise to 1 in 8 people within the next five years, with a compound annual growth rate of 2.3% over the last decade and a half.
According to John Howkins, author and speaker on creative industries, “America exports more value in terms of copyright, than food, soft drinks, cars, computers and planes, and Britain’s fashion industry employs more people and makes more money than its steel or car industries”.
In the last three years, there has been a ten-fold increase in sales exported from the UK to the Far East. From the United Arab Emirates to Qatar, eight of the top ten importers of UK creative industries in 2014 were in the Far East, adding an impressive £17.3bn to the UK economy.