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Real GDP - Coursework Example

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The paper "Real GDP " describes that human development is a great way to improve the GDP growth in long run as well and when GDP would increase then it is a sign of the growth of overall economy. This is a single phenomenon which can lead to long run growth, apart from this all the policies and strategies will lead to a steady state of economy in long run. …
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Real GDP
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Download file to see previous pages The overall macroeconomic picture of United Kingdom looks quite bright as the country remained successful in increasing the real GDP growth until 2008 recession which hit the country hard and after almost two decades, the country experienced negative growth in terms of real GDP. Before this recent negative growth rate in GDP, the country in question experienced negative growth in real GDP in 1991 once again due to economic recessionary period. The above chart shows the performance of real GDP of United Kingdom. As it can be seen quite clearly that the country managed a sustainable increase in the real GDP especially experience high growth in the period of 1980-90, but the real GDP showed disappointing results just after 90’s. After the 1993, the country again started to climb highly in terms of real GDP till 2008 recession. Since 2008 recession, the country’s real GDP growth is the slowest in the past 40 years.  Real GDP per capita of United Kingdom has also remained increasingly stable even though the population of United Kingdom has also increased. But the country has managed to cover the effect of population increase as well as increased the real GDP alone. In a nutshell, the real GDP per capita of United Kingdom increased in almost in the same manner as that of total real GDP even though the real GDP per capita also incorporated the increasing impact of population. The above chart represents the overall performance of real GDP per capita of United Kingdom. It can be noticed that there are slight downfalls in the curve but the overall curve possesses an increasing trend until the 2008 recessionary period. Since then, the real GDP per capita is on a declining trend mainly due to decrease in the total real GDP supported by the increase in the population. The percentage growth rates for real GDP and real GDP per capita have also been calculated. It can also be observed that growth rate of real GDP has experienced an increasing trend in the period of 1970 – 2009 with the exceptions of initial few year of 70’s, 1991 and lastly 2008. In those mentioned years the macroeconomic growth of United Kingdom remained negative due to the economic depression all around the world. Similar patterns can also be observed with real GDP per capita of United Kingdom in the period in question. Real GDP per capita seems to track its origin i.e. real GDP and followed it almost every year. It can be summarized the United Kingdom has been well above the positive real GDP in the past 40 years which is a good indicator of its overall macroeconomic progress. ...Download file to see next pages Read More
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