IPA Flashcards
What is GVA?
GVA is a measure of the increase in the value of the economy due to the production of goods and services. Its relationship to GDP is as follows:
GVA = GDP + Subsidies - Taxes
Looking at advertising specifically, it is recorded as the … biggest industry within the sector in terms of GVA after … , … and … subsector (the catch-all for the techy side of our sector) and ..
(28 June 2022) National Statistics on the Creative Industries, PEC. Source.
Looking at advertising specifically, it is recorded as the third biggest industry within the sector in terms of GVA after IT, Software and Games subsector (the catch-all for the techy side of our sector) and Film/TV.
(28 June 2022) National Statistics on the Creative Industries, PEC. Source.
In 2021, the UK ad market reached a record £31.9bn, which was a growth of 34.3% year-on-year and over £8bn higher than the original AA/WARC April 2020 forecast.
This growth was partly driven by what?
This growth that was driven partly by the effects of inflation on the cost of advertising but also due to higher than expected growth in key forms of online advertising.
The UK’s ad market is how big compared to Europe? And the world?
This meant that in 2021, the UK has held its position as the largest advertising market in Europe and is now the third largest in the world, behind the USA and China.
In terms of employment, what percentage of all UK jobs do the creative industries represent?
6.9%
According to Deloitte, how many jobs are supported by the advertising industry in the UK?
350,000 jobs
What is the significance of advertising, as highlighted in the text?
. It is a major generator of growth and employment.
Which country has the largest advertising market in the world, according to the text?
USA
key taking from modul 1.1
So, think about the role of advertising, not just as an industry in its own right, and not just as an important part of the creative industries, but a major, major generator of growth and employment too.
