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Economics > 2024 macro stats > Flashcards

2024 macro stats Flashcards

1
Q

What was the annual rate of growth in 2023?

A

0.1% (stagnating growth)

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2
Q

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

A

-0.3%

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3
Q

What is the annual growth forecast for 2024?

A

0.8%

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4
Q

What is the output gap?

A

-0.1% (negative output gap- recession)

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5
Q

What is GDP per capita (income per person)?

A

£36,000

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6
Q

What is total GDP approximately?

A

£2.53 billion

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7
Q

What percentage of the economy is services?

A

79%

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8
Q

What percentage of the economy is manufacturing?

A

14%

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9
Q

What percentage of the economy is construction?

A

6%

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10
Q

What percentage of the economy is agriculture?

A

1%

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11
Q

What is the unemployment rate in the UK?

A

4.2% (cyclical)

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12
Q

What is the employment rate in the UK?

A

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

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13
Q

What is the economic inactivity rate definition?

A

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

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14
Q

What is the economic inactivity rate?

A

22.2% (big concern)

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14
Q

What is the wage growth percentage?

A

5.6% (workers have a high wage bargaining power)

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15
Q

Are job vacancies falling/rising?

A

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

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16
Q

What percentage is youth unemployment?

A

11% (16-24 years old is youth)

16
Q

Is consumer confidence currently weak or strong?

A

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

17
Q

What is the CPI (usual one) inflation rate?

A

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

18
Q

What is the producer price inflation percentage?

A

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

19
Q

What are the inflation expectations for 2024?

A

3.3%

19
Q

What is the current account deficit percentage?

A

3.2% of GDP

19
Q

Are productivity and investment currently poor or good?

A

Very poor (possibly due to Brexit)

20
Q

What is the exchange rate (dollar and euro)?

A

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

21
Q

What is the current minimum wage?

A

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

22
Q

What is the percentage of the budget deficit?

A

4.2% of GDP

23
Q

What is national debt?

A

98%

24
Q

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

A

More than £100 billion (really bad government finance)

25
Q

What is the bond yields percentage?

A

4.2%

26
Q

What are the income tax bands (progressive)?

A

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

27
Q

What is the rate of national insurance?

A

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

28
Q

What is corporation tax?

A

Gone up to 25%

29
Q

What is the rate of VAT in the UK?

A

20%

30
Q

What is the Gini coefficient in the UK?

A

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

31
Q

What is the current BoE base rate?

A

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

32
Q

What is the average lending rate?

A

6.25%

33
Q

Is bank willingness to lend good or bad?

A

Good

34
Q

Is business confidence poor or good?

A

Poor but has positive signs

35
Q

What is the definition of the savings ratio?

A

Proportion of disposable income that is saved and not spent

36
Q

What is the current savings ratio?

A

10.5% (quite high)

37
Q

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

A

£895 billion

Economics (6 decks)

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