The economic impact of bp in the UK

In collaboration with BP

This report, produced in collaboration with bp, demonstrates the impact that bp had on the UK national and regional economies in 2023. We quantify the contribution made through its own operations, as well as the economic activity it supports through its operational and capital spending. These impacts are presented in terms of the gross value added contribution to GDP, the employment, and the tax revenues that bp supports across the country.

Oxford Economics’ analysis shows that bp made a significant contribution to the UK economy. We estimate that in 2023, bp supported £17.1 billion in gross value added contribution to UK GDP. This was equivalent to 0.64% of national GDP, or £1 in every £160 of UK GDP in that year, bp sustained a total of 81,000 jobs in the UK, making up 0.24% of national employment, and stimulated £5.4 billion in tax payments to the UK government.

Read the report

The experts behind the research

Our Economic Consulting team are world leaders in quantitative economic analysis, working with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques. Lead consultants on this project were:

Tim Porteous

Senior Economist, Economic Footprint & Sustainability

Rob Harbron

Associate Director, Economic Footprint & Sustainability

Jordan Mencattelli

Economist, Economic Footprint & Sustainability

Tags:

Chemical and mining Employment Energy GDP Renewables Tax Revenue Technology UK Economy

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