Macroeconomics looks at how well a country's economy is doing by using a few important signs. Here are the main ones for the UK:
Gross Domestic Product (GDP): This shows the total amount of goods and services produced in the country. In 2022, the UK's GDP was about $3 trillion.
Unemployment Rate: This tells us the percentage of people who are looking for work but can’t find a job. In 2023, the UK's unemployment rate was around 4.5%.
Inflation Rate: This shows how much prices are going up for basic things like food and gas. In early 2023, the inflation rate in the UK was about 5%, based on the Consumer Price Index (CPI).
Balance of Payments: This looks at money going in and out of the country. In 2022, the UK had a current account deficit of £40 billion, meaning it spent more than it earned from other countries.
These signs help us understand how the economy is doing and help leaders make important decisions.
Macroeconomics looks at how well a country's economy is doing by using a few important signs. Here are the main ones for the UK:
Gross Domestic Product (GDP): This shows the total amount of goods and services produced in the country. In 2022, the UK's GDP was about $3 trillion.
Unemployment Rate: This tells us the percentage of people who are looking for work but can’t find a job. In 2023, the UK's unemployment rate was around 4.5%.
Inflation Rate: This shows how much prices are going up for basic things like food and gas. In early 2023, the inflation rate in the UK was about 5%, based on the Consumer Price Index (CPI).
Balance of Payments: This looks at money going in and out of the country. In 2022, the UK had a current account deficit of £40 billion, meaning it spent more than it earned from other countries.
These signs help us understand how the economy is doing and help leaders make important decisions.