Economics stats

• the UK had 0.1% growth in 2023

  Q4 2023 had -0.3% growth

  the 2024 growth forecast is 0.8%
• the UK has an output gap of -0.1%

  the UK has a potential non-inflationary growth of only 1%
• the UK's GDP is £2.53 trillion

  the UK's GDP per capita is £36,000
• the service sector makes up 79% of the UK's GDP
• The UK currently has unemployment of roughly 4.2%

  But the LFS only had 15,000 participants rather than 100,000 so is likely inaccurate
• The UK has 22.2% inactivity - 2% higher than pre-COVID
• there is 5.6% wage growth in the UK but inflation is only 3.2% - may cause a wage-price spiral
• • CPI 3.2% - disinflation - peaked at 11.1% in October 2022 - expected to hit 2% at some point this year 
  • Inflation has mostly been cost-push
  • Inflation expectations 3.3%
• • Core inflation 4.2% - (CPI without food, gas, electricity & fuel)
  • Producer price inflation  (cost of production) = 0.6% - relatively low - indicator for  future CPI
• the minimum wage rose in April 2024 from £10.42 --> £11.44

  It is also applicable from age 21 rather than 23
• UK National debt = 98% GDP

  Budget Deficit = 4.2% GDP 2023-2024 
• UK has 25% corporation tax - raised in 2023 from 19% 
• Fiscal tax bands frozen until 2029 → will cause fiscal drag 

  £45 billion extra tax revenue annually by 2028

  equivalent to 7% rise in income tax
• Debt interest spending is over £110 BILLION
• UK has a 0.357 Gini coefficient
• UK currently has a 5.25% base interest rate and will likely stay at that level until late summer
• Savings ratio = 10.5% - relatively high, shows bad confidence
• Quantitative easing = £895 billion 
• UK Q1 growth for 2024 was 0.6% bringing the UK out of recession
• wage growth is at 5.6%
• in May 2024 inflation has fallen to 2.3%