united kingdom macroeconomic growth
DESCRIPTION
UNITED KINGDOM -- GROUP 1 REPORTTRANSCRIPT
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MACROECONOMIC GROWTH
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GDP per capita: 22,577.23 (real)24,862.00 (nominal)Real gdp: 1,438,339Nominal gdp: 1,583,892Nominal gdp: 1,583,892Gdp deflator: 110.12Population: 64,097,085Employed: 29.4 millionLabor force rate: Unemployment rate: 7.9%Inflation rate: 2.7%
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Real gdp: 1,438,339
Exports:$813.2 billion (est as of 2013)Sources of exports:Manufactured goods, chemicals, food, beverages, tobacco, automotive mobiles and components
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1945 to 1980 Significant Influence
End of the Second World War, the United Kingdom enjoyed a long period without a major recession (from 1945 to 1973) Rapid growth in prosperity in the 1950s and 1960s, with unemployment staying low The 1973 oil crisis and the 1973–1974 stock market crash
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1979 to 1997 Significant Influence
During the 1980s most state-owned enterprises were privatized, taxes cut, union reforms passed and markets deregulatedGDP fell 5.9% initially but growth subsequently returned and rose to 5% at its peak in 1988, one of the highest rates of any European nationincrease in unemployment was substantially due to government economic policy Popularity of the Conservative government failed to improve with the economic upturn
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1997 to 2008 Significant Influence
Labor Party, led by Tony Blair made decision to keep taxes relatively low and abandon traditional Labor policies including public ownership of industries and utilities. The previous 15 years had seen one of the highest economic growth rates of major developed economies during that time and certainly the strongest of any European nationGDP growth had briefly reached 4% per year
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2008 to present day Significant Influence
UK entered a recession in Q2 of 2008 and exited it in Q4 of 2009, according to Office for National StatisticsIn Q1 of 2012, the UK economy was thought to have entered a double-dip recession by posting two consecutive negative quarters of growthThe UK has lost its triple-A credit rating on the basis of poor economic outlook. In 2013 Q1 the economy grew by 0.5%, in Q2 the economy grew by 0.7%, in Q3 the economy grew by 0.8% and in Q4 the economy grew by 0.7%. 2014 continues this trend, with both Q1 and Q2 growing by 0.8% respectively.
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The UK has the world’s eighth largest economy in nominal GDP-termsThe UK has the fourth highest GDP per capita in the G7During the downturn, the UK saw one of the largest falls in real GDP among G7 countries
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1990 1995 2000 2005 2010 20150.5
1
1.5
2
2.5
3
United Kingdom, Gross Domestic Product
Year
£ T
rillio
n
20071993
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1948
1952
1956
1960
1964
1968
1972
1976
1980
1984
1988
1992
1996
2000
2004
2008
2012
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
Real GDP
£ trillion
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2009 2010 201128.85
28.9
28.95
29
29.05
29.1
29.15
29.2
28.96
29.019
29.166
Employment
Employment
Population
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Population
2009 2010 20117.4
7.5
7.6
7.7
7.8
7.9
8
8.1
8.2
7.65
7.85
8.1
Unemployment Rate
Unemployment Rate
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Population•29.84 million people were in
work in May to July 2013• the employment level rose 80,000 on the previous quarter •275,000 on the year the employment rate is 71.6%, up 0.2 points on the quarter and up 0.4 points on the year
2009 2010 201128.8
2929.2
Employment
2009 2010 20117
9
Unemployment Rate
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UK compared to:United States
Japan
Germany France
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Population (Million)
FranceGermanyJapanUnited KingdomUnited States
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United States Japan
GermanyFrance
United Kingdom
14,417.95
5,035.14
3,306.782,626.49
2,217.43
14,958.30
5,495.39
3,310.602,569.82
2,296.93
15,533.83
5,905.63
3,631.442,784.76
2,464.64
Gross domestic product, current prices
2009 2010 2011
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Fran
ce
Germ
any
Japa
n
Unite
d Ki
ngdo
m
Unite
d St
ates
020406080
100120140160
Employment
20092010201120122013
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Fran
ce
Germ
any
Japa
n
Unite
d Ki
ngdo
m
Unite
d St
ates
0
4
8
12
Unemployment Rate
200920102011201220132014