How we measure our impact
The additional economic impact of London & Partners is defined as the extra benefits generated as a direct result of our intervention, compared to what would have happened without us. We measure our 'additional gross value added' (GVA) mainly by surveying a representative sample of our audiences.
- 30,000 visitors
- 2,600 students
- 1,000 spectators
- 380 trade operators
- 60 business delegates
- 40 event organisers
- All overseas business investors
The analysis of our contribution to the London economy excludes all other influencing factors and takes account of possible displacement of economic activity and over-optimism by those surveyed. It has been confirmed by third party economists as best practice.
Claire Jones, Acting Head of Research & Insights, London & Partners
- Our key performance indicators for measuring economic benefit to the city are gross value added (GVA) and jobs created or supported.
- We also estimate the additional spend of leisure tourists, business delegates, major events-goers and additional sales made by foreign direct investment companies.
- Our economic impact figures are expressed in terms of GVA (economic wealth) unless otherwise stated.
Jobs created and supported
- By attracting foreign direct investment, we generate new jobs for the London economy that we track and record.
- We also create new and safeguard existing jobs in London by attracting the spend of tourists, business delegates, major events spectators and students.
- We cannot track these jobs directly but we can estimate the number of jobs that our promotional activities support.
- Jobs created are new paid positions within a business, in line with the Greater London Authority’s definition in the Mayor’s manifesto to create 200,000 new jobs.
The below paper outlines the work undertaken by London & Partners and GLA Economics to evaluate our impact across our five major activities: leisure tourism, business tourism, major events, foreign direct investment and higher education.
Gross value added (GVA)
- GVA is the economic added value created when producing a good or providing a service.
- It is the difference between the price paid for a good or service and the cost of inputs used in its production.
- GVA measures profits and wages of London-based businesses and London’s employees. By measuring our impact on increasing GVA we are reporting our economic contribution to London.