UK Economy Stats 2022 - Growth and Jobs Flashcards Preview

2022: Econ - Application > UK Economy Stats 2022 - Growth and Jobs > Flashcards

Flashcards in UK Economy Stats 2022 - Growth and Jobs Deck (8)
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1
Q

Real GDP Growth, 2020-2021

A

Dropped 9.9% in 2020 but recovered 6.8% in 2021

2
Q

Real GDP Growth 2022 forecast

A

5% - optimistic considering events in Ukraine - increasing commodity prices (CP inflation)

2% - OBR

3
Q

Unemployment Rate, 2020

A

2020: 5.1% - increase mitigated by the furlough scheme - subsidised 11 million jobs

4
Q

January 2020 Unemployment Rate

A

4.1%

5
Q

Job Vacancies, end of 2021

A

Record high of 1.2 million by end of 2021

  • Health and social care
  • Farming
  • Engineering
  • Transport
6
Q

Youth Unemployment - December 2021

Regional variations?

A

Dec 2021: 11.2 % of people aged 16-24 years were jobless

Scotland - 6.1%

London - 18.1%

7
Q

Long Term Unemployment

A

Still rising - 410,000 people out of work for > 1 year

- A structural problem - supply-side polices need to continue addressing

8
Q

Output gap

A

0.7% -