UK Economic Statistics

Question 1

Economic growth statistics:

Answer 1

GDP (Gross Domestic Product): £2.53 trillion in 2024

GDP per Capita: £36,000 in 2024.

Annual growth rate: 0.1% in 2023.

Forecast growth rate: 0.8% in 2024

Question 2

Unemployment statistics:

Answer 2

Unemployment rate: 4.2%

Employment rate: 74.5%

Economic inactivity rate: 22.2%

Wage growth: 5.6%

Consumer confidence: very weak

Question 3

Inflation statistics:

Answer 3

Inflation rate: 3.2% (CPI)

Inflation expectations: 3.3%

Question 4

Trade statistics:

Answer 4

Current account deficit: 3.2% GDP

Exchange rate: Very weak (£1 = $1.24) (£1 = €1.16)

Question 5

Government finance statistics:

Answer 5

Budget deficit: 4.2% GDP

National debt: 98% GDP

Bond yields: 4.2%

National insurance: 12% to 10% to 8%

Corporation tax: 25%

VAT: 20%

Gini coefficient: 0.357

Question 6

Interest rate statistics:

Answer 6

BofE base rate: 5.25%

Average lending rate: 6.25%

Bank willingness to lend: good

Consumer confidence: very weak

Business confidence: poor but positive signs

Savings ratio: 10.5%

QE: £895b