The Key Economic statistics:
- Inflation 3%
- Economic Growth 2.5%
- Unemployment 5.3%
- Interest Rates 5%
- Current Account deficit 4.2%
- Government borrowing 2.8%
- These statistics taken from National Statistics online. [link]
- Note many forecast a deterioration in economic growth. These statistics tend to be backward looking; i.e they reflect what has happened in the past.
Snapshot of UK House Prices
- Halifax House Price Index May 08 average house Price – £184,111
- Halifax House prices Monthly change – 2.40%
- Halifax Annual House price change (last 12 months -3.80%)
- Land Registry Monthly Report April 08 average house price £183,626
- monthly change – 0.20%
- Annual Change in house prices 2.70%
Inflation Figures
- CPI Inflation – 3%
- RPI inflation – 4.2%
- note CPI inflation is the official method it excludes housing costs and taxes.
- Inflation at National Statistics
GDP and Economic Growth
- GDP Growth in last quarter Q1 2008 – 0.4%
- Annual Rate of growth in past 12 months – 2.5%
- This is very close to the long run trend rate of growth
- GDP at National Statistics
Interest Rates
- Base Rates are currently 5%. They have been reduced from 5.5% since start of year
- Bank of England interest rate decisions link here
- Forecasts for interest rates 2008/09
Balance of Payments
- Current account deficit in last quarter of 2007 was £8.5bn or 2% of GDP, lower than Q3 where deficit was 5.5% of GDP
- Total current account deficit for last year was £57.8 bn or 4.2% of GDP
- Current account deficit for 2006 was £50.7bn or 3.8% of GDP
Government Debt
- Government deficit (the amount government spending greater than tax) was £39.4bn or 2.8% of GDP
- Total National Debt was £618.8 billion, equivalent to 43.8 per cent of GDP.
Unemployment
- Unemployment in UK has increased to 5.3% in May or 1.64 million (Labour Force Survey)
- The Claimant Count method suggests 819,300 in May 2008 were unemployed up on April, but down 58,100 on last year
