Financial and professional services provides a fifth of economic output in Glasgow
Published by Anne Marie Hughes on Sat 09 Jun 12 @ 22:11
Glasgow's financial and professional services sector is one of
the most healthy outside of London, generating over £3.3 billion
for the city's economy, 20% of its total GVA. In fact the industry
employs 9.4% of Glasgow's workforce or 37,500 employees, showing
how important the sectors are to the local economy.
Scotland as a whole has 150,000 people working in the financial and professional services industries, contributing 12% of the nation's GVA.
In Glasgow alone we have an extremely varied cross section of organisations from many different business areas including wealth management, accountancy, insurance, financial trading and legal services. The IFSD has really helped to attract some of the leading global names in financial and professional services, such as Barclays, AXA and Morgan Stanley.
Stuart Patrick, Chief Executive of Glasgow Chamber of Commerce said: "These figures show the gravitas of the financial and professional services' contribution to the dense fabric of the city's economy. We must continue to allow the industries to thrive, encouraging continual growth to attract the global powerhouses of international finance. Having such a large proportion of Glasgow's workforce employed in these sectors speaks volumes not only for our economy, but the level of skilled workers residing in the region. I look forward to playing an active part in the industry's development."