Recent statistics

Question 1

GDP monthly estimate, UK: January 2024 (from the ONBS)

Answer 1

• Monthly real GDP is estimated to have grown by 0.2% in January 2024, following a fall of 0.1% in December 2023.
• A sharp 3.4% jump in spending in the shops and online was the main factor behind the 0.2% growth in services in January, while construction rose by 1.1%. Production – which includes manufacturing – contracted by 0.2%.
• A strong month for retail sales helped drive growth in January, with consumers making the most of post-Christmas sales and spending more in supermarkets.
• It was also helped by improved activity for housebuilders, thanks to new work and repair and maintenance jobs, following a sluggish year for the wider housing market.
  ▪️ services grew (+0.2%)
  ▪️ production fell (-0.2%)
  ▪️ construction grew (+1.1%)

Question 2

GDP by Industry

Published Wednesday, 13 March, 2024

Answer 2

Services are the largest part of the economy – making up four-fifths of output in 2022. Service sector output grew by 0.2% in January 2024.

Manufacturing output did not change (0.0% growth) in January 2024. Manufacturing is part of the wider production sector; production sector output fell by 0.2% in January 2024.

Construction sector output increased by 1.1% in January 2024.

services industries = retail, hospitality and finance, as well as public services like health and education.

Question 3

GDP by Expenditure

Published Wednesday, 13 March, 2024

Answer 3

Household consumption is the largest element of expenditure across the economy, accounting for 60% of the total in 2023.

In Oct-Dec 2023, household consumption fell by 0.1% compared with the previous quarter.

Government consumption decreased by 0.3% on the quarter and investment (GFCF) increased by 1.4%. Exports were down 2.9% and imports decreased by 0.8%.

Question 4

Industries in the UK
Published Tuesday, 31 October, 2023

Research Briefing HoC

Answer 4

Since 1990 the share of the economy attributed to services has grown from 70% to 81%, while the share attributed to manufacturing has decreased by a similar amount, from 17% to 9%.

Real estate was the largest individual industry accounting for 12.5% of GVA

After the real estate industry, retail and wholesale accounted for 10.4% of GVA and manufacturing 9.4%.

Question 5

Median annual earnings for full-time employees in the United Kingdom

in 2023, by region

From Statistica

Answer 5

UK = 34,963
London = 44,370
North East = 31,200
South East = 36,560
Scotland = 35,518
Northern Ireland = 32,879