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The economic growth of the UK has varied over the 10 years between 2004 and 2014 - Essay Example

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It involves determining the ability of an economy to produce goods and services by comparing value of goods and services produced in one particular period to those produced in…
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The economic growth of the UK has varied over the 10 years between 2004 and 2014
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The economic growth of the UK has varied over the 10 years between 2004 and 2014

Download file to see previous pages... Despite the fact that there was great fluctuation in United Kingdom economic growth there were great improvements in UK economic growth rates between 2004 and 2014. This is because the UK government was able to put in place policies that promote trade and investments. That policy helps to prevent corruption and fraudulent acts that pulls down an economy. Economic growth has numerous benefits which include; it helps to improve consumers and investors confidence. It creates employment opportunities and improves standards of living among the citizens. Moreover, it helps to improve reduce government borrowings (Nafziger and Nafziger, 2005)
The above graph indicates the trend patterns of UK GDP growth rates from 2004 to 2014. It can be scrutinized that the GDP growth rate was fluctuating from 2004 to 2014. The United Kingdom GDP growth rate was substantially higher between 2004 and 2006. However, between 2008 and 2009,there was a sharp in economic growth declined at a rate below negative 2 percent and then started rising in the year 2010 and partially 2012 before it starts fluctuating from 2012 to 2014. It can be observed that increase in consumers’ confidence and market conditions tend to be presented by the three phases of economic growth namely; recovery, Booms and Peak as indicated. At peak, the UK economy has reached the maximum point of growth and hence, the consumer confidence starts falling whereby consumer starts to reduce their buying patterns making the GDP to decline causing recession. The UK economy starts to recover at recovery point as consumer’s confidence increase. The UK economy continues to improve at a faster rate at recovery making the economy to undergo expansion (Boom) phase. At a level the levels of unemployment declines and economy improve significantly, as consumers confidence improves (McKinnon, 2007).
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