Report on recent macroeconomic performance of the UK (2012)

Needed for OCR specification, basic knowledge of UK macroeconomic performance.

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Report on recent macroeconomic performance of the UK
Inflation rate
Inflation rate refers to a general rise in prices measured against a standard level of purchasing
power. UK annual inflation stands at 3.4% in February 2012, down from 3.6% in January. The
largest downward pressures to the change in annual inflation between January and February
came from domestic electricity and gas, recreation & culture and transport and the largest
upward pressures came from alcohol off sales and vegetables. The inflation rate rose in
September 2011 from 4.5% in August 2011 to 5.6%, and since then the inflation rate has been
lowering each month. The annual rate for February is the lowest since November 2010.
Growth rate
The quarterly Gross Domestic Product (GDP) growth rate in the UK declined 0.2% in the fourth
quarter of 2011 over the previous quarter. Unlike the commonly used quarterly GDP growth
rate the annual GDP growth rate takes into account a full year of economic activity, thus avoiding
the need to make any type of seasonal adjustment. Annual GDP growth in the UK increased 0.8%
in the fourth quarter of 2011 over the same quarter, previous year.
Unemployment rate

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The unemployment rate in the UK last reported increased from 8.3% at 8.4% in January 2012. It
rose by 28,000 to 2.67 million. The unemployment total for 16-24 year olds rose by 16,000 to
1.042 million, taking the unemployment rate for that age group to 22.5%. Despite the continued
rise in unemployment, the number of people in work also rose, with the number of people
employed increasing by 9,000 to 29.1 million in January.…read more


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