UK Economy Stats Flashcards
Annual Growth Rate
1.4% (2018)
Quarterly Growth Rate
0.2% (first quarter 2019)
Growth forecasts
- 2% (2019)
- 4% (2020)
- 6% (2021)
- 6% (2022)
- 6% (2023)
Real GDP Per Capita
£29,000
Total GDP
£2 Trillion (79% Services, 14% Manufacturing, 6% Construction, 1% Agriculture)
Unemployment Rate
3.9% (lowest since 1975) (NRU: 4%)
Youth Unemployment
11%
Long-term Unemployment
1.1%
Wage Growth
3.4%
Consumer Confidence
Weakening (due to Brexit uncertainty)
Sharp falls since January
Income Tax Bands
0% up to £12,500 (was £6,500 in 2010)
20% from £12,501 - £50,000 (was £37,800 in 2010)
40% from £50,001 - £150,000
45% over £150,000
CPI Inflation Rate
2.1% (2% target)
Core Inflation
1.8%
Producer Price Inflation
2.4% (price of goods coming out factories)
Inflation Expectations
2.7% (drives wage growth)
Current Account Deficit
4.4% GDP (weak pound hasn’t helped)
Productivity and Investment
BIG WEAKNESS (Productivity is 19% below average of G7 and 18% below pre-crisis trend, hasn't changed much since crisis) (Investment very low due to Brexit uncertainty)
Exchange Rate
£1 = $1.27 (£1 = $1.50 before Brexit vote) £1 = €1.13 (£1 = €1.30 before Brexit vote)
Eurozone Economy
Slowing ≈ 1% Annual Growth
US Economy
Full Employment (≈ 3% Annual Growth)
Budget Deficit
2% GDP (forecast to fall to 0.8% by 2023)
National Debt
83% GDP (forecast to fall to 74% by 2023)
Bond Yields
1%
Corporation Tax
19% (was 28% in 2010)
VAT
20%
Gini Coefficient
0.34 (was 0.36 in 2010)
Base Rate
0.75%
(rose from 0.25% to 0.5% in November 2017)
(rose from 0.5% to 0.75% in July 2018)
Average Lending Rate
1%
Average Mortgage Rate
1.75% (2 year fix for 1st Time Buyers)
Business Confidence
Very weak since Brexit vote
Mortgage Approvals
Flat Growth (good sign of low consumer confidence)
Quantitative Easing (QE)
£435bn (August 2016, £60bn pumped in)
Willingness to Lend
Very poor up to 2016, has increased since
Banks still have low confidence, concerned about risky lending to small and medium-sized firms