In terms of Gross Value Added (GVA) to the UK economy, the pharmaceuticals industry remains a leading sector contributing to wealth. Although this contribution had been in decline since 2010, there was a growth in GVA from pharmaceuticals in 2016. This requires monitoring, particularly with the uncertainty of Brexit, to see if this growth is maintained or not.
The ONS estimates the GVA by two independent approaches, Current Price (CP) and Chain Volume Measures (CVM). Want to find out more about the difference of the two approaches? Read more.