2024 macro stats

Question 1

What was the annual rate of growth in 2023?

Answer 1

0.1% (stagnating growth)

Question 2

What is the quarterly growth rate (Q4) of 2023?

Answer 2

-0.3%

Question 3

What is the annual growth forecast for 2024?

Answer 3

0.8%

Question 4

What is the output gap?

Answer 4

-0.1% (negative output gap- recession)

Question 5

What is GDP per capita (income per person)?

Answer 5

£36,000

Question 6

What is total GDP approximately?

Answer 6

£2.53 billion

Question 7

What percentage of the economy is services?

Answer 7

79%

Question 8

What percentage of the economy is manufacturing?

Answer 8

14%

Question 9

What percentage of the economy is construction?

Answer 9

6%

Question 10

What percentage of the economy is agriculture?

Answer 10

1%

Question 11

What is the unemployment rate in the UK?

Answer 11

4.2% (cyclical)

Question 12

What is the employment rate in the UK?

Answer 12

74.5% (those of a working age who are in work)

Question 13

What is the economic inactivity rate definition?

Answer 13

People of a working age who aren’t willing to work, not physically able to work or who are not seeking work

Question 14

What is the economic inactivity rate?

Answer 14

22.2% (big concern)

Question 14

What is the wage growth percentage?

Answer 14

5.6% (workers have a high wage bargaining power)

Question 15

Are job vacancies falling/rising?

Answer 15

They are falling - there is a loose labour market (firms aren’t as willing to hire workers)

Question 16

What percentage is youth unemployment?

Answer 16

11% (16-24 years old is youth)

Question 16

Is consumer confidence currently weak or strong?

Answer 16

It is extremely weak due to the cost of living crisis, high rates of inflation, high interest rates, high personal tax rates etc

Question 17

What is the CPI (usual one) inflation rate?

Answer 17

3.2%- above target but on it’s way down- disinflation)

Question 18

What is the producer price inflation percentage?

Answer 18

0.6% (if PPI is rising significantly, it’s a sign that input prices/cost of production increases for firms)

Question 19

What are the inflation expectations for 2024?

Answer 19

3.3%

Question 19

What is the current account deficit percentage?

Answer 19

3.2% of GDP

Question 19

Are productivity and investment currently poor or good?

Answer 19

Very poor (possibly due to Brexit)

Question 20

What is the exchange rate (dollar and euro)?

Answer 20

Pound is very weak-> £1= $1.24 or €1.16

Question 21

What is the current minimum wage?

Answer 21

£11.44 per hour (one of the highest in the world)

Question 22

What is the percentage of the budget deficit?

Answer 22

4.2% of GDP

Question 23

What is national debt?

Answer 23

98%

Question 24

In the last couple of years, how much government spending was spent on debt interest?

Answer 24

More than £100 billion (really bad government finance)

Question 25

What is the bond yields percentage?

Answer 25

4.2%

Question 26

What are the income tax bands (progressive)?

Answer 26

0% is £0-£12,570 20% is £12,570-£50,270 40% is £50,270-£125,140 and above is 45%

Question 27

What is the rate of national insurance?

Answer 27

It has gone from 12% to 10% to 8% (there are talks of 6% in the future)

Question 28

What is corporation tax?

Answer 28

Gone up to 25%

Question 29

What is the rate of VAT in the UK?

Answer 29

20%

Question 30

What is the Gini coefficient in the UK?

Answer 30

0.357 (got less equal over the last couple of years)

Question 31

What is the current BoE base rate?

Answer 31

5.25% (risen a lot since Dec 2021 due to high inflation)

Question 32

What is the average lending rate?

Answer 32

6.25%

Question 33

Is bank willingness to lend good or bad?

Answer 33

Good

Question 34

Is business confidence poor or good?

Answer 34

Poor but has positive signs

Question 35

What is the definition of the savings ratio?

Answer 35

Proportion of disposable income that is saved and not spent

Question 36

What is the current savings ratio?

Answer 36

10.5% (quite high)

Question 37

How much QE money was originally put into the UK economy?

Answer 37

£895 billion