Uk Economy Stats - Econplusdal

Question 1

What was the annual growth (rate) in the UK in 2024

Answer 1

Only 1.1% real GDP growth

(very low figure, the UK is a stagnating economy right now)

Question 2

What was the quarterly growth rate in the last two quarters of 2024

Answer 2

Quarter three - 0%
Quarter four - 0.1%

(only narrowly avoided a recession)

Question 3

What is the annual growth forecast for 2025

according to the OBR and the BoE

Answer 3

OBR - 1%
BoE - 0.75%

Growth is very bad in the UK right now

Question 4

What is the output gap in the UK

(2024 and 2025 projection)

Answer 4

-0.5% in 2024
Projected to widen to -0.6% in 2025

Question 5

What is the UK’s GDP/capita

Answer 5

Around £36,000

Question 6

What is the UK’s total GDP

(nominal, 2024)

Answer 6

£2.851 trillion

Question 7

How is the UK’s GDP/output broken down (different sectors)

Answer 7

Services - 79%
Manufacturing - 14%
Construction - 6%
Agriculture 1%

Question 8

What is the unemployment rate in the UK

Answer 8

4.4%

Question 9

What is the employment rate in the UK

Answer 9

75.1%

A lower figure than prior to covid (a rise in economic inactivity - worrying policy makers massively)

Question 10

What is the economic inactivity rate in the UK

Answer 10

21.4%

A higher figure than prior to covid

Question 11

What is the wage growth in the UK

Answer 11

5.9%

(compared to the same period in the previous year)

Question 12

How are job vacancies changing in the UK

Answer 12

Thet are falling

(signs of a loosening labour market)

Question 13

What is youth unemployment in the UK

Answer 13

13.3%

Question 14

What is consumer confidence like in the UK

Answer 14

Very weak

It has been very weak since the cost of living crisis/inflation crisis started