UK Economy Stats 2022 - Growth and Jobs Flashcards
1
Q
Real GDP Growth, 2020-2021
A
Dropped 9.9% in 2020 but recovered 6.8% in 2021
2
Q
Real GDP Growth 2022 forecast
A
5% - optimistic considering events in Ukraine - increasing commodity prices (CP inflation)
2% - OBR
3
Q
Unemployment Rate, 2020
A
2020: 5.1% - increase mitigated by the furlough scheme - subsidised 11 million jobs
4
Q
January 2020 Unemployment Rate
A
4.1%
5
Q
Job Vacancies, end of 2021
A
Record high of 1.2 million by end of 2021
- Health and social care
- Farming
- Engineering
- Transport
6
Q
Youth Unemployment - December 2021
Regional variations?
A
Dec 2021: 11.2 % of people aged 16-24 years were jobless
Scotland - 6.1%
London - 18.1%
7
Q
Long Term Unemployment
A
Still rising - 410,000 people out of work for > 1 year
- A structural problem - supply-side polices need to continue addressing
8
Q
Output gap
A
0.7% -
