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Evaluate the recent performance of the uk economy - Essay Example

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was approximately $2522.26 billion in 2013. U.K.’s value of GDP represents about 4.07 percent of the global economy. The current annual GDP growth rate for the U.K. is at 2.40 percent, which is the drop from the previous year at 3.00 percent. The GDP of…
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RECENT U.K. ECONOMY PERFORMANCE Recent U.K. Economy Performance The GDP growth for U.K. was approximately $2522.26 billion in 2013. U.K.’s value of GDP represents about 4.07 percent of the global economy. The current annual GDP growth rate for the U.K. is at 2.40 percent, which is the drop from the previous year at 3.00 percent. The GDP of the United States dropped by 0.70 percent during the initial quarter of 2015 compared to the previous year. Currently, the GDP of the U.S. is worth $16,768.10 billion a rise from $16,163.20 billion the previous year. In France, the country’s GDP has grown by about 0.6 percent during the initial quarter of 2015 compared to the previous year. Currently, the GDP of France is at $2,734.95 billion, a rise from 2,611.22 the previous year (Trading Economics 2015).
Figure 1: U.K. GDP Growth
The rate of inflation in the U.K. was at -0.10 percent during the first quarter of 2015. Between 1989 and 2015, it has averaged 2.72 percent, reaching highest at 8.5 percent in 1991 and lowest at –0.10 percent in 2015. In the United States, the inflation rate witnessed during the first quarter of 2015 was -0.2 percent. For France, the country witnessed at the inflation rate of 0.1 percent in the first quarter of 2015 (Trading Economics 2015).
Figure 2: U.K. Inflation Rate
During the first three months of 2015, the level of unemployment in the U.K. has gone down to 5.50 percent from 5.60 percent the previous year. The between 1971 and 2015, the level of unemployment averaged 7.24 percent, with highest at 12 percent in 1984 and lowest at 3.40 percent in 1973. In the United States, the rate of unemployment was at 5.50 percent during the first quarter of 2015. The average rate of unemployment in the U.S. has averaged 5.83 percent between 1982 and 2015, with highest levels at 10.8 percent in 1982 and lowest at 2.5 percent in 1953. In the case of France, the rate of unemployment went down to 10 percent during the first three months of 2015 from 10.40 percent in last quarter of 2014. The average rate of unemployment between 1996 and 2015 has averaged 9.20 percent, with highest levels at 10.80 percent in 1997 and lowest at 7.20 percent in 2008 (Trading Economics 2015).
Figure 3: U.K. Unemployment Rate
With regard to the government budget, United Kingdom has a government budget deficit, which is representative of 5.70 percent of the country’s GDP. In the United States, government budget deficit accounts for 2.80 percent of the country’s GDP. In the case of France, the budget deficit represents about 4 percent of the country’s GDP (Trading Economics 2015).
To determine income distribution, the GNI index is appropriate as it reveals the extent to which consumption or income expenditure among households or individuals in an economy deviates from equal distribution. The ratio for determining richest 10 percent and 10 percent poorest (R/P 10 percent) is for the U.K. is (13.8), U.S. (15.9), and France (9.1). With regard to GINI index, the one for U.K. is (40), U.S., (45.0), and France (32.70) (Trading Economics 2015).
Reference
Trading Economics 2015, United Kingdom GDP Annual Growth Rate, viewed 4 June 2015, . Read More
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