UK Economy stats 2024 (Macro) Flashcards
1
Q
Quarterly Growth Rate
A
- -0.3% (Q4 2023)
- Causes:
High interest rates + cuts to government spending
2
Q
Annual Growth Forecast
A
0.8%
3
Q
GDP / Capita
A
- £36,000
- GDP / total population
- Relatively strong
4
Q
Total GDP
A
- £2.53 trillion
- Measure of the total value of all goods and services
- 79% = services
5
Q
Unemployment
A
4.2%
6
Q
Employment rate
A
74.5%
7
Q
Economic inactivity rate
A
- People of a working age who are unwilling to work
- 22.2% (Rose by 2% since 2020)
8
Q
Inflation Rate (CPI)
A
- CPI - Measure of the general level of prices in the UK
- 3.2%
- Down from 11% in October 2022
- Gas and food price pressures have eased
9
Q
Current Account
A
- Record of transactions of goods and services between UK and world
- Deficit of 3.2% GDP
10
Q
Productivity
A
- Very poor
- High costs of production
- Exports uncompetitive
11
Q
Investment
A
Very poor since Brexit 2016
12
Q
National minimum wage
A
- £11.44 / hour
- Relatively high
- High unit labour costs
- Exports uncompetitive
13
Q
Exchange rate
A
- £1: $1.24
- Weak £
- Before Brexit:
£1: $1.60
14
Q
Budget deficit
A
4.2% GDP (2023-24)
15
Q
National debt
A
98% GDP
16
Q
Coorperation tax
A
- 25%
- Up from 19% in 2022
17
Q
VAT
A
20%
18
Q
Gini coefficient
A
- Indicator of income inequality
- 0.357
19
Q
Income tax bands
A
- Income of £12,500-£50,200
- Taxed at 20%
20
Q
Bank of England Base rate
A
- 5.25%
- Up from 0.1% in December 2021
21
Q
Quantitative Easing
A
- Increasing liquity by the Bank of England buying assets from banks
- £895 billion
22
Q
Poverty
A
- Absolute - Individuals cannot afford to acquire basic necessities for a healthy and safe existence - Less than $1.90 /day
- Relative - Households living with less than 60% of median household income - 22% in UK
23
Q
Annual wage growth
A
- 5.7%
- Very strong
24
Q
Brazil quarterly growth rate
A
0.0% (Q4 2023)
25
Zambia primary product dependancy
2022 - copper exports = 70% of total exports
