Macro facts and examples for 2025 exams Flashcards
(15 cards)
What was the growth rate of the UK economy last year?
1.5%
This is below the 2% mark.
What is the latest forecast for UK economic growth according to the Bank of England?
Less than 1%
There is a risk of recession.
What is the current unemployment rate in the UK?
4.4%
This rate is expected to rise sharply.
Youth unemployment in the UK has reached what percentage?
15%
This figure reflects rising youth unemployment.
What percentage of the working-age population is classified as economically inactive?
21%
This has risen sharply in recent years.
What is the current inflation rate in the UK?
3%
This is down from a peak of 11% in October 2022.
What is the average wage growth rate compared to inflation?
6.5%
Average wages are rising faster than inflation.
What is the forecast for the overall burden of tax as a percentage of GDP by 2028?
42%
This would be a 70-year high.
What is the current base interest rate set by the Bank of England?
4.5%
Interest rates may be cut towards 4%.
What is the current account deficit as a percentage of GDP in the UK?
2.5%
The UK has a large external deficit.
What was the budget deficit in 2024 as a percentage of GDP?
4.5%
The government was borrowing over £2 billion a week.
What is the approximate national debt as a percentage of GDP?
100%
This is equivalent to the national income of the country.
What is the current yield on UK government bonds?
4.6%
This affects the government’s debt servicing costs.
What is the current productivity output per hour in the UK?
$79
This is below the US and Germany’s productivity levels.
True or False: Productivity growth in the UK has increased since the global financial crisis.
False
Productivity growth has halved since then.
