GDP estimate expected to highlight on-going need to reskill to secure growth.
Experts will be watching to see whether the balance of the UK economy has continued to shift when GDP figures are published on Thursday. As construction and industrial production sectors experience on-going struggles, the UK’s digital economy is becoming increasingly important. A recent study by Accenture Strategy forecast that by 2020, the UK’s digital economy will grow to 33 per cent of GDP, worth around £776 billion. If steps are taken to optimise the UK’s digital capability, GDP could experience an additional £59 billion boost by 2020. The on-going mismatch between the skills make-up of the UK workforce and the sectors which are experiencing growth must be addressed if this growth is to be realised.
The Labour Market figures released by the Office for National Statistics last week, whilst pointing to a promising reduction in unemployment, reveal a rising number of unfilled roles in specialist sectors. Vacancies are at their highest level since before 2001, rising particularly acutely in professional scientific and technical activities – an annual increase of 9 per cent – with information and communication also struggling with a 13.8 per cent increase since last year.