macro data for 2024

Question 1

growth in q1 of 2024

Answer 1

+0.2%, up from 2023 0.1%

Question 2

potential growth in 2024

Answer 2

2.5% before GFC
1%, bad for an advanced economy like UK

Question 3

negative output growth

Answer 3

-0.1%

Question 4

GDP

Answer 4

2.53 trillion, 79% made of the services sector, 14% made of the manufacturing sector, 1% agriculture, so economy heavily reliant on services

Question 5

unemployment rate

Answer 5

4.2% and is rising, only 15,000 people responding to the LFS

Question 6

how many ppl r working

Answer 6

74.5%

Question 7

economically inactive

Answer 7

22.2%

Question 8

inflation

Answer 8

3.2%, down from 11% in october 2022

Question 9

wage growth

Answer 9

5.6%

Question 10

current account deficit

Answer 10

4%, accounts for 2.3% of GDP

Question 10

youth unemployment

Answer 10

11.6% (NEETS)

Question 11

national min wage

Answer 11

£11.44

Question 12

budget deficit

Answer 12

4.2% of GDP

Question 13

National debt

Answer 13

98% of GDP

Question 14

Bond yields

Answer 14

down to 4.2%

Question 15

income tax rates

Answer 15

7% increase ,frozen from 2029. this could cause fiscal drag, especially due to the wage rates increasing as ppl will be earning more

Question 16

how much are government expected to raise due to fiscal drag

Answer 16

45 billion

Question 17

corporation tax

Answer 17

increased from 19 to 25%

Question 18

income inequality

Answer 18

0.357