2024 macroeconomic stats for application

• Annual growth rate of 0.1% (2023)
• Quarterly growth rate of -0.3% (Q4 2023)
• Annual growth forecast of 0.8% in 2024
• Output gap of -0.1%
• GDP/Capita of £36,000
• Total GDP of roughly £2.53 trillion
• Of GDP:

  1. Services was 79%
  2. Manufacturing was 14%
  3. Construction was 6%
  4. Agriculture was 1%
• Unemployment rate of 4.2%
• Employment rate of 74.5%
• Economic inactivity rate of 22.2%
• Wage growth of 5.6%
• Job vacancies are decreasing (loose labour market)
• youth unemployment is 11%
• Consumer confidence is very weak
• UK inflation rate of 3.8%
• Current account deficit is 3.2% of GDP
• Very poor productivity and investment
• Weak exchange rate
• Budget deficit is 4.2% of GDP (2023-2024)
• National debt is98% of GDP
• Income Tax Bands:

  0%

  20%

  40%

  45%
• VAT is 20%
• Corporation tax is 25%
• Gini coefficient of 0.357
• BoE base rate of 5.25%
• Average lending rate of 6.25%
• Business confidence is poor but thee are positive signs
• Savings ratio of 10/5%
• QE is £895bn