Growth stats Flashcards
1
Q
Annual growth rate (2023)
A
0.1%
2
Q
Quarterly growth rate (Q4 2023)
A
-0.3%
3
Q
annual growth forecast (2024)
A
0.8%
4
Q
output gap
A
-0.1%
5
Q
GDP/capita
A
£2.53 trillion
6
Q
reasons from AD
A
high interest rates
high rates of personal taxation
cuts to government spending
very low consumer + business confidence
7
Q
SRAS factors
A
rising fuel, gas + electricity prices
8
Q
LRAS factors
A
very low productivity
poor infrastructure
decreasing labour force
very weak business investment
underperforming public services
9
Q
explain what has happened to potential growth
A
prior to 2008, potential growth was 2.5%. potential growth is growth before inflation kicks in. 2008-covid was 1.5%, now 1% and expected lower.
10
Q
breakdown of GDP
A
79% from services
14% from manufacturing
6% from construction
1% form agriculture
