Macro application Flashcards
UK GDP & GDP growth?
GDP: £2trn
Growth: 1.8% annually
UK unemployment rate and wage growth?
Unemployment: 3.8%
Wage growth: 3.4%
UK inflation rate, base interest rate and total QE?
Inflation: 1.9%
Base rate: 0.75%
Total QE: £435bn
UK Current account deficit?
£81bn, 4% of GDP
UK productivity growth?
0.5%
UK productivity is 19% below G7 average
UK National debt?
£1.8trn, 87% of GDP
Nigeria GDP and growth?
GDP: $400bn
GDP growth: 2.4%
Population: 190m
Nigeria GNI per capita?
$5200
Nigeria national debt and inflation?
Debt: 28% of GDP
Inflation: 11.25%
Nigeria’s primary product dependency
In 2015, GDP growth fell from 6.3% to 3% due to fall in oil prices. Later slipped into recession in 2016
Oil accounts for 70% of govt revenue and 80% of export revenue
Nigeria non-economic factor restricting growth and development
Corruption e.g. Sani Abacha
Nigeria’s capital flight
In 2015, $22bn went out of economy in 5 weeks - caused naira to fall in value (But CBN say it’s due to speculation) - Nigerians buying dollars and moving them abroad
What type of exchange rate system does Nigeria have?
Managed exchange rate system
Dutch disease in Nigeria?
Dutch disease is when countries become a significant commodity producer in a short time, increasing value of currency. This makes exports less competitive meaning non-oil sectors in Nigeria suffer
Trade issues facing UK
Eurozone growth is slowing, growth is only 1%
This is their major export partner
