Statistics (2017) & Examples Flashcards
What is the UK Annual Growth Rate?
2.1%
What is the UK Output Gap?
Negative output gap of -0.35%, small
What is the UK Annual Forecast Annual Growtth?
1.9% (2017), 1.6% (2018)
What is the UK GDP per Capita?
£30,000
What is the Total UK GDP?
Approx. £2 trillion
What is the Breakdown of the UK’s GDP?
Services 79%
Manufacturing 14%
Construction 6%
Agriculture 1%
What is the UK Full Employment Rate?
4.5% unemployment
What is the UK Unemployment Rate?
4.77%
What is the Youth Unemployment Rate?
11.9%
What is the UK Long Term Unemployment Rate?
1.3%
What has happened to the UK’s Consumer Confidence?
Recently has fell
due to concerns about uncertainty over Brexit, or the future over the Current General Election
What are the UK Income Tax Bands?
0 - £11.5K = 0%
£11.K - £45K = 20%
£45K - £150K = 40%
£150K + = 45%
What is the CPI Inflation Rate?
2.3%
Has risen highly from last year
Which countries have Low Interest Rates?
UK - 0.25%
Eurozone - 0%
Japan - negative
Which countries have High Interest Rates?
South Africa - 7.7%
Russia - 9.25%
Which Countries have High House Prices?
UK
USA
Which countries have a Negative Wealth Effect?
China
What countries have High Real Disposable Income?
USA
UK
Australia
What countries have Low Real Disposable Income?
China
Brazil
Russia
Argentina
What countries have Low Income Tax?
UK
What countries have High Consumer Confidence?
USA
Australia
What countries have Low Consumer Confidence?
UK (recently)
Russia
Brazil
What countries have High Business Confidence?
USA
Australia
What countries have Low Corporation Tax?
UK
Ireland (lowest rate is 12.5%)
What countries have High Corporation Tax?
USA (up to 35%)
What countries have Fiscal Expansion taking place?
China
Japan
Hong Kong
USA
What countries have Austerity taking place?
UK Spain Greece Italy France Portugal
What countries have a Weak Exchange Rate?
Euro
UK Pound (recently)
Brazil Real
Russia Ruble
What countries have a Strong Exchange Rate?
US Dollar
Australian Dollar
YEN
What Commodities have High Prices (affecting SRAS)?
Oil
Gas/Electricity
Fertilisers
Metals
What countries have been in a Financial Banking Crisis (a cause of recession)?
USA
UK
Eurozone (Spain, Italy, Greece)
This is mainly due to 2009
What countries have an Increased Interest Rate?
Russia
South Africa
What Countries saw a big Oil Shock?
UK
2009 and 2012
What countries are experiencing Stagflation?
South Africa Brazil Russia Venezuela Argentina Turkey Nigeria
What countries have experienced Demand Pull Inflation?
China
India
USA
What countries have experienced Cost Push Inflation?
Brazil
Japan
UK (high oil and commodity prices, weak pound)
What countries have Experienced an Inflationary Spiral?
Argentina
wage spiral
What countries have experienced Cyclical Unemployment?
Greece
Italy
Brazil
What countries have experienced Structural Unemployment?
UK (e.g. people having good degrees, but not being able to find jobs)
What country has experienced Bad Deflation?
Japan
It started in the 1990s and they haven’t got out of it
What countries have a High GINI Coefficient?
Nigeria
Angola
South Africa
Their GINI coefficients are all >0.6
What countries have a Low GINI Coefficient?
Norway
Denmark
Sweden
What countries have a high Absolute Poverty?
African Nations (eg Ethiopia)
China
India
What countries have a high Relative Poverty?
UK
USA
What Policies can be used to Redistribute Income?
Progressive Income Tax
UK Transfer Payments
Making the minimum wage equal the living wage
Government Spending on Education + Health
What countries have cut their Interest Rates?
UK Brazil Russia India South Africa
What countries increased their Interest Rates?
USA
Nigeria
What countries engage in Quantitative Easing?
USA UK Japan Denmark Sweden Switzerland
What countries have high Fiscal Expansion?
Japan
China
What countries have increased Austerity?
UK Ireland Greece Spain Portugal
What has the UK Cut Taxes on?
Income Tax
Corporation Tax
What has the UK Increased Taxes on?
VAT
What countries Benefit from Globalisation?
China Japan India South Korea Taiwan Thailand
What countries Lose Out from Globalisation?
African nations
South America
What are some Examples of Protectionism?
Russia’s sactions on the EU,
EU’s sactions on Russia
Anti-Dumping Tariffs – EU + USA
What countries are in a Current Account Deficit?
UK
USA
What countries are in a Current Account Surplus?
Singapore
Norway
Netherlands
What countries have a Fixed Exchange Rate?
UAE
Bolivia
(there has been big discussion as to whether they should go to an exchange rate)
What countries have a Floating Exchange Rate?
UK
What countries have a Managed Exchange Rate?
China
What countries have seen Successful Market-Based Approaches?
India
China
Botswana
Lesotho
What countries have seen Failed Market-Based Approaches?
Nigeria
Angola
(increase in oil sales + FDI)
(abs. poverty and income inequality is very high)
What countries have seen Successful Interventionist Approaches?
Rwanda
Ethiopia
What countries have seen Failed Interventionist Approaches?
Zimbabwe
Burundi
Zambia
(a lot due to corruption)