international comparisons of global city financing: a report to the london finance commission.

The following chart shows the compound annual rates of output growth in real terms for the global cities between 20. That said, London was also smaller than Tokyo and New York (though this refers to the New York, Newark and Jersey City metropolitan area), but larger than Singapore and Hong Kong. This shows that London’s economy was smaller than Paris (£487bn), though this refers to 2013 and also the Île-de-France region.Ī number of other global cities use the Gross Domestic Product (GDP) measure which is not directly comparable with GVA. London’s total economic output using the Gross Value Added (GVA) measure was £364bn in 2014 according to the ONS.įigures for the other global cities examined have been converted from their national currencies into pound sterling using purchasing power parities. The first comparison is the size of the economy as measured in terms of output. This analysis is no exception and should therefore be considered as experimental and be treated with some caution. Although not a definitive list, more cities can be added over time.įrom the offset, international comparisons are fraught with difficulty – differences in definitions, geography and data collection methods are well documented (see our Working papers 9, 13 and 21, as well as Current Issues Note 17 for example). Our work adds to this body of research by looking at output, employment and productivity for the following global cities. These comparisons have been outlined in Chapter 3 of the Draft Economic Evidence Base.

Many comparisons between London and other global cities to date have focused on particular topics or sectors, such as tourism and foreign direct investment. A common question we get asked at the GLA is how does London compare with other international cities.

International comparisons of global city financing: a report to the london finance commission.