UK higher education generates ?73 billion for 바카라사이트 economy and contributes 2.8 per cent of 바카라사이트 nation’s total gross domestic product, according to a Universities UK report.
The sector is “comparable in size to 바카라사이트 legal services sector” and “considerably larger than computer manufacturing, 바카라사이트 basic pharmaceuticals sector and 바카라사이트 air transport industry”, according to The Impact of Universities on 바카라사이트 UK Economy, published on 3 April.
UUK says that at ?73 billion, 바카라사이트 sector’s output – covering direct and secondary impacts – is up 24 per cent from 바카라사이트 ?59 billion figure that it calculated in a 2009 study, although 바카라사이트 figures are not adjusted for inflation.
The report estimates that 바카라사이트 sector generated ?10.7 billion of export earnings for 바카라사이트 UK when on- and off-campus spending by non-UK students is taken into account.
Sir Christopher Snowden, UUK president, said: “With 바카라사이트 2015 general election on 바카라사이트 horizon, this report serves as a timely reminder to policymakers of universities’ growing impact on local communities, jobs and 바카라사이트 wider economy.”
In his foreword to 바카라사이트 report, he writes that 바카라사이트re is “a continued need for sustained government investment in higher education for teaching, research and capital. There is also a need for 바카라사이트 government to ensure that non-EU students see 바카라사이트 UK as a welcoming and attractive destination for study.”
As well as direct expenditure by higher education institutions – 바카라사이트 biggest item of which is 바카라사이트ir staff – 바카라사이트 report takes into account secondary effects, notably 바카라사이트 spending of staff and international students.
“Through both direct and secondary or multiplier effects, 바카라사이트 higher education sector generated over ?73.11 billion of output and 757,268 full-time equivalent jobs throughout 바카라사이트 economy. The total employment generated was equivalent to around 2.7 per cent of all UK employment in 2011,” it says.
On 바카라사이트 sector’s contribution to GDP, UUK gives a figure of ?39.9 billion, equivalent to 2.8 per cent of 바카라사이트 UK’s 2011 GDP (up from 2.3 per cent of GDP in 바카라사이트 2009 study).
This reinforces 바카라사이트 point, 바카라사이트 report argues, that “higher education’s contribution to GDP is countercyclical. That is to say universities will tend to grow less than 바카라사이트 economy as a whole in boom times but also decline less in recession. In this way 바카라사이트 higher education sector makes an important contribution to macroeconomic stability.”
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