Key statistics on UK economy

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10 Terms

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UK Economic Growth

  • 2024 Actual Growth: 0.9%

  • 2025 Forecast: 0.8% (down from previous estimates due to global trade tensions and tariffs)

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Unemployment Rates

  • Overall Unemployment (Oct–Dec 2024): 4.4%

  • Youth Unemployment (Aged 16–24): 15.7%

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Economic Inactivity

  • Inactivity Rate (Aged 16–64): 21.4%

  • Number of Economically Inactive Individuals: 9.22 million

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Inflation (CPI)

  • October 2024 CPI: 2.3%

  • Peak Inflation: 11.1% in October 2022 (highest in over 40 years)

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Wage Growth & Tax Burden

  • Nominal Earnings Growth (2024): 4.7%

  • Projected Tax Burden: 38.3% of GDP by 2027/28 (a record high)

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Bank of England Base Interest Rate

  • As of March 2025: 4.5%

  • Recent Change: Held steady in March 2025 after a 25bps cut in February

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Current Account & Trade Deficit

  • Current Account Deficit (Q3 2024): £18.1 billion (2.5% of GDP)

  • Trade Deficit (Q4 2024): £10.2 billion (1.4% of GDP)

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Budget Deficit

  • 2024–25 Forecast: £60.7 billion

  • Projected Surplus by 2029–30: £9.9 billion

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National Debt & Bond Yields

  • Public Sector Net Debt (End of 2023/24): £2,686 billion (96% of GDP)

  • 10-Year Government Bond Yield (April 28, 2025): 4.49%

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Productivity (GDP per Hour Worked, 2023)

  • UK: $79

  • USA: $97

  • Germany: $94