Econ

• UK Economics Contextual Figures:
• UK inflation rate = 4.6%, currently decreasing
• UK interest rate by BoE = 5.25%, set to increase
• UK unemployment rate = 4.3%, risen from previous months
• UK biggest exports: precious metal (expensive), cars, pharmaceuticals
• UK biggest consumption: clothes/shoes, food/drinks, electronics
• UK debt roughly 2.5T
• UK GDP slightly higher
• UK budget deficit = 25bn
• UK debt interest in July = 7.7bn
• UK has an ageing population - govt has to spend more on healthcare/pension/less tax
• UK growth is dependent on financial services
• UK HDI increased from 0.804 in 1990 to 0.929 in 2021
• UK Govt Spending:
• UK govt spends money on healthcare, education, infrastructure, defense, welfare programs
• Economy Definition:
• An economy is a system of trade in which the wealth of a country is made and used
• UK Aggregate Demand Figures:
• Consumption - 63%
• Govt spending - 21%
• Investment - 18%
• Exports - 33%
• Imports - (36%)
• UK Investment:
• UK investment is low because the UK relies on equity, not debt for investment
• EU/CPTPP/NAFTA Members:
• EU - 28
• CPTPP - 11, including Japan, Canada, Singapore
• NAFTA - 3
• China Figures:
• Consumption = 38%
• Investment = 42%
• Millennium Development Goals:
• Eradicate extreme poverty/hunger
• Universal primary education
• Environmental sustainability
• Macroeconomics Definitions:
• Nominal GDP: Total market value of goods and services produced in the economy, doesn't account for inflation
• Unemployed People: Individuals of working age willing and able to work, actively seeking work without a job
• Aggregate Demand: Total demand for goods and services in a country at a given price level in a given time period