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(Read Bio!) Edexcel A Economics A Level > UK MACRO ECONOMY STATS > Flashcards

UK MACRO ECONOMY STATS Flashcards

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1
Q

UK Annual Growth Rate

A

4.17%
But from low base- worst recession in 300 yrs

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2
Q

UK Quarterly Growth Rate (Q4 2022)

A

0.17%

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3
Q

Annual Growth Forecast 2023

A

-0.2%

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4
Q

Negative Output Gap (Q3 2023 OBR)

A

-1.6% ~ actual gdp as a % of potential gdp

Had positive output gap for last couple years

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5
Q

GDP per Capita

A

£33,000

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6
Q

Total GDP and breakdown per sector

A

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

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7
Q

Unemployment Rate

A

3.8% ~ strong labour market

BUT: lagging figure, expected to peak at 4.5%

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8
Q

UK Unemployment Rate

A

3.8%

BUT- expected to peak at 4.5% since lagging figure

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9
Q

What is the Economic Inactivity Rate
(Those who are of working age 16-64 not willing to work, not physically able, not seeking work)

A

21.4% - driven by 50s and 60s leaving during COVID

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10
Q

Youth Unemployment

A

10.8%

Peaked at 14.5% during COVID

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11
Q

Long Term Unemployment

A

1%

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12
Q

Annual Wage Growth

A

6.6%

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13
Q

Consumer Confidence

A

Very Low … But

Fragile signs of recovery

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14
Q

Job Vacancies

A

Record High; higher than unemployed( v tight)

But falling as firms are less willing to high due to waning demand ~ creating looser labour market

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15
Q

CPI Inflation Rate

A

10.1% ~ 7th Consecutive Month of double digit inflation

Supply side of high gas, wage growth, weak pound and food inflation

Forecasts say half by later in year

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16
Q

Core Inflation ~ CPI w/o food and energy (price volatile items)

A

6.2%

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17
Q

Producer Price Inflation
(Wholesale Price Inflation)

A

8.7% - indicator of rising input costs and future CPI inflation rises

For 2 years it is higher than CPI but lower means CPI could fall

18
Q

Inflation Expectations - what households think inflation will be over the next 12 months

A

5.4%

19
Q

Food Price Inflation

A

19.1%

20
Q

Current Account Deficit

A

-5.1% of GDP
forecast to reach -6.1% of GDP- record figure

21
Q

Productivity and Investment

A

Both stagnated since Brexit

Productivity 20% below the avg of the rest of the G7 and 25% below pre-2008 trend

22
Q

Exchange Rate

A

Weak
£1 = $1.24
£1 = 1.12 Euros

UK is net importer of raw materials, capital machinery, semi-finished goods
thus worsens current account position

Drives higher supply-cost inflation

23
Q

Minimum Wage

A

£10.42 per hour

24
Q

Performance of Major Trading Partners - US and Eurozone

A

Slow growth

25
Q

UK Budget Deficit

A

2020-2021: 14.5% of GDP
2021-2022: 5.6% of GDP
2022-2023: 6.1% of GDP

26
Q

UK National Debt

A

100% of GDP

27
Q

UK Bond Yields

A

3.46%

28
Q

UK interest rate payments in 2022

A

£116 billion in just servicing debt, more than government spends on any public service apart frrom the nHS

29
Q

Income Tax Bands

A

0% up to £12,570
20% £12,570-£50,270
40% £50,270-£150,000
45% >£150,000

frozen till 2028 - fiscal drag

30
Q

How much is freezing the tax bands expected to earn the government by 2026

A

26 billion pounds more a year

31
Q

Coporation Tax

A

25% (up from 19%)

32
Q

Coporation tax

A

25% (up from 19%)

33
Q

VAT

A

20%

34
Q

Gini Coefficient

A

0.343

35
Q

BoE Base Rate

A

4.5%

36
Q

Average Lending Rate

A

%5.25

37
Q

Bank Willingness to Lend

A

Agreeing to about 80-85% of applications by SME firms

38
Q

Consumer Confidence

A

-30 in April 2023 but up from -45 in Jan 2023 and highest level since Feb 2022

39
Q

Business Confidence

A

Q1 2023 2.5; back in positive but weak

40
Q

Savings Ratio

A

9.3% - high for UK standards

41
Q

QE Total

A

£895 billion

(Read Bio!) Edexcel A Economics A Level (15 decks)

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