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Birmingham is the second largest British economy, after London, with a total GDP of USD115 billion in 2016. It is the West Midlands' centre of commercial, retail, culture and leisure activities. Manufacturing plays an important role in local economy, accounting for 20% of total GVA in 2016. Birmingham's labour market is strong in terms of jobs provision for its residents; however, GVA per employee (USD66,200) was among the lowest in Western Europe, as of 2016.
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Birmingham is the second largest UK economy in terms of GDP, but its labour productivity (or GVA per employee) is 10% below that in the rest of the country. Compared with other major UK cities, Birmingham lacks qualified labour. As of 2016, only 27% of the city's 15+ population had higher education, versus 32% in the rest of the UK.
Birmingham's economic output and, consequently, average household income, is being pulled down by its employment rates. 72% of Birmingham's working age population held a job in 2016, compared to an average of 75% in the rest of the UK.
Lower household income (12% below the rest of the country in 2016) has a significant impact on consumer spending patterns in the city. Consumer expenditure per household in Birmingham was 15% lower compared to the rest of the country's average in 2016. The city's consumers allocate a notably larger share of their budget to necessity items such as food (9.2% in 2016) and housing (29%).
Birmingham is not an affordable city in terms of housing, and real estate prices in Birmingham increased at a faster pace than in London in 2016. As for transport, expenses for vehicles are much higher than for public transport. Combined, this resulted in spending on housing and transport (measured per household) being 1.5% higher in Birmingham compared with the rest of the country in 2016.
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