UK Economy stats 2024 (Macro) Flashcards
1
Q
Quarterly Growth Rate
A
- -0.3% (Q4 2023)
- Causes:
High interest rates + cuts to government spending
2
Q
Annual Growth Forecast
A
0.8%
3
Q
GDP / Capita
A
- £36,000
- GDP / total population
- Relatively strong
4
Q
Total GDP
A
- £2.53 trillion
- Measure of the total value of all goods and services
- 79% = services
5
Q
Unemployment
A
4.2%
6
Q
Employment rate
A
74.5%
7
Q
Economic inactivity rate
A
- People of a working age who are unwilling to work
- 22.2% (Rose by 2% since 2020)
8
Q
Inflation Rate (CPI)
A
- CPI - Measure of the general level of prices in the UK
- 3.2%
- Down from 11% in October 2022
- Gas and food price pressures have eased
9
Q
Current Account
A
- Record of transactions of goods and services between UK and world
- Deficit of 3.2% GDP
10
Q
Productivity
A
- Very poor
- High costs of production
- Exports uncompetitive
11
Q
Investment
A
Very poor since Brexit 2016
12
Q
National minimum wage
A
- £11.44 / hour
- Relatively high
- High unit labour costs
- Exports uncompetitive
13
Q
Exchange rate
A
- £1: $1.24
- Weak £
- Before Brexit:
£1: $1.60
14
Q
Budget deficit
A
4.2% GDP (2023-24)
15
Q
National debt
A
98% GDP
