2024 macro stats Flashcards
What was the annual rate of growth in 2023?
0.1% (stagnating growth)
What is the quarterly growth rate (Q4) of 2023?
-0.3%
What is the annual growth forecast for 2024?
0.8%
What is the output gap?
-0.1% (negative output gap- recession)
What is GDP per capita (income per person)?
£36,000
What is total GDP approximately?
£2.53 billion
What percentage of the economy is services?
79%
What percentage of the economy is manufacturing?
14%
What percentage of the economy is construction?
6%
What percentage of the economy is agriculture?
1%
What is the unemployment rate in the UK?
4.2% (cyclical)
What is the employment rate in the UK?
74.5% (those of a working age who are in work)
What is the economic inactivity rate definition?
People of a working age who aren’t willing to work, not physically able to work or who are not seeking work
What is the economic inactivity rate?
22.2% (big concern)
What is the wage growth percentage?
5.6% (workers have a high wage bargaining power)
Are job vacancies falling/rising?
They are falling - there is a loose labour market (firms aren’t as willing to hire workers)