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.
The evaluation of our impact on the London economy captures only the additional benefits that happen as a result of our interventions. This is ensured by taking account of factors such as over-optimism and displacement.
Jakob Oddershede, Senior Economist, London & Partners
- Our key performance indicators for measuring economic benefit to the city are gross value added (GVA) and jobs retained.
- Our economic impact figures are expressed in terms of GVA (economic wealth) unless otherwise stated.
- We also estimate additional leisure tourists, business delegates, major events-goers and additional sales made by London SMEs that have been part of our programmes.
Jobs created and supported
- By attracting foreign direct investment in key sectors for London, we generate new, high-value jobs for the London economy.
- 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 use a robust model to estimate the number of jobs that our promotional activities support.
The below paper outlines the work undertaken by London & Partners and GLA Economics to evaluate our impact across our five major business areas: 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 goods or providing services.
- 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.