Understanding the UK Economy

Dashboard: Understanding the UK economy
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In addition, the ONS measures the gross domestic product through the demand side. The income approach consists of adding up the income generated by the three production factors in the economy: capital, labor and land.

The UK economy at a glance

Finally, the expenditure approach calculates the expenditure for the final use of goods and services, i. Along with the quarterly estimates, a revision of previous quarterly GDP figures is provided for the three different approaches to national accounting.

Revisions may happen when data from different sources are aggregated. Other changes could happen due to methodology, concepts or classifications. Whether or not the changes take place, the ONS data is usually accurate and does not face strong revisions.

UK Economy Update 2019: Economic Growth

GDP growth is generally considered the most important indicator to measure the economic performance of a country. It is particularly useful for short-term analysis.

Bibliographic Information

Next to the headline GDP growth figure, the ONS provides information including the key findings of each quarterly reading, which helps to understand the direction that the economy is taking and to put the focus on the most important factors affecting the economic output. Sometimes the ONS provides interesting and intuitive multimedia pieces to help users understand the calculation of GDP or other important economic statistics. For example, 14 ways ONS statistics help you understand the economy. Forecasts for British GDP growth are elaborated by many sources. FocusEconomics collects more than 30 different forecasts on British GDP and provides an average Consensus Forecast from the economists surveyed.

Policy Briefings

All reports are available both on an ad-hoc basis and via an annual subscription including optional Excel support. Download a free sample or purchase the report directly via our Online Store. The report is available immediately after purchase. Read more United Kingdom: Unemployment rate inches down in May-July, wage growth remains firm September 10, The unemployment rate dipped to 3.

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Where is the UK going?

Dashboard: Understanding the UK economy. 19 February We have compiled this dashboard to aid understanding of the economy. The commentary and. Explains the UK economy as a macroeconomy and as a financial system, as well as examining spending, taxing and borrowing and external transactions within.

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Main Findings The economy of rural Scotland is both similar to, and tightly integrated with the economy of urban Scotland. On Scottish average, the sector accounts for 1.

It is the smallest employer in Mainly Rural Scotland 4. The rural economy is highly variable in economic performance between sectors and local authorities. Aberdeenshire and Highland councils have the largest GVA in most sectors; the island authorities are much smaller in employment and GVA terms.

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Unemployment is lower in Rural Scotland than urban Scotland, and employment and activity rates are higher , though East Ayrshire in particular has unemployment far above the national average. Rural out-migration may mitigate this difference. London was one of a handful of predominately University cities to vote remain in the referendum in June This reflects the comparatively high levels of migration coupled with relatively strong economic growth enjoyed by Londoners. However, in contrast, the success of London relative to the rest of the UK was also important in driving the ultimately successful Leave vote.

For authors such as Danny Dorling , this vote was driven by growing inequality following a prolonged period of austerity politics that have resulted in worsening health outcomes and declining living standards for many British citizens who wanted someone or something to blame. This stems from the fact that the economy relies on the service sector which makes up Indeed, financial and related professional services — such as legal services and the insurance sector — which are overwhelmingly concentrated in London make up a significant part of this, accounting for 6. However, the impacts of Brexit on the strategically important financial services sector are best characterised by profound uncertainty with potentially significant implications for the future trajectory of the UK economy.

There are two main causes of this uncertainty. Firstly, despite the rapidly approaching negotiation deadline, the precise nature of Brexit remains unknown. Compare this with the New Industrial Strategy that makes very little mention of the financial services sector, viewing it far more as a way of facilitating growth in other economic sectors, particularly manufacturing. We now understand this relationship as highly complex and interwoven. Crucially, the Paper does not call for mutual recognition for financial services between the UK and the EU.

Mutual recognition provides greater certainty than other trade options for the relationship of financial services in the EU and UK because it operates on the basis that products developed in one country can be sold across all EU member states.