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.
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:
You might be interested in
Ukraine-Russia ceasefire changes risk profile for commodities
We assess the implications and risks for our commodity price forecasts against the backdrop of a 'fragile' ceasefire in the Russia-Ukraine conflict.
Find Out More
Taking stock of this week’s twists and turns in US tariff policy
A North American trade war unfolded in dramatic fashion this week.
Find Out More
Industrial electricity prices to ease in 2025, but uncertainty is high
Despite the recent uptick in wholesale electricity prices, we expect to see industrial electricity prices in Europe fall slightly through 2025. The declines will be driven partly by the delayed pass-through to industrial retail prices of wholesale electricity price declines experienced last year.
Find Out More
Trump will slow, but not stop, the energy transition
Donald Trump's withdrawal from the Paris Agreement is a symbolic step back from global climate cooperation. However, we don't think the global transition will grind to a halt because the economics remain favourable and climate policies are more entrenched than before. Rather, what the US does at home will have a greater impact on climate.
Find Out More