UK Economy Stats 2024

  • Annual growth rate: 0.1%
  • Quarterly growth rate: -0.3% (Q4 2023 and this caused a recession at the end of Q1 2024). This recession saw high inflation too so it was mostly caused by very low aggregate supply rather than just very low aggregate demand.
  • Output gap: -0.1% GDP per capita: £36,000Unemployment Rate: 4.2%Economic inactivity rate: 22.2% (the number of people who are choosing not to work e.g. retirement).
  • Inflation: 3.2%
  • Producer price inflation: 0.6%
  • Inflation expectations: 3.3%
  • Current Account Deficit: 3.2% of GDP
  • Min wage: £11.44/ hour and assuming higher in London (Dal previously said UK has the highest min wages in the world)
  • Exchange rate: weak
  • US currency: strong
  • Euro currency: stagnating
  • Budget deficit: 4.2% of GDP
  • National debt: 98% of GDP
  • Bond yields: 4.2%
  • Income tax bands: 0% to £12,250, 20%, 40%...
  • National insurance: down to 8%
  • VAT: 20%
  • Corporation tax: 25%Gini coefficient: 0.357 (0 means perfect equality)Bank of England base rate: 5.25%
  • Average lending rate: 6.25%
  • Consumer and business confidence: weak
  • QE: £895bn
  • Savings ratio: 10.5%