UK (United Kingdom) Economic Data
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UK’s economy is one of Europe’s largest. It is a developed nation that now stands at a risk of being seriously affected by recession. Recent UK economic data reveals a lot about how global economic crisis of 2008 has affected its economy.
UK GDP contraction
In third quarter of 2008, gross domestic product of UK contracted by 0.6 percent. This GDP contraction was largest for UK since 1990. It followed as a result of spending by consumers and businesses registered a decline. In 3rd quarter, consumer spending declined by 3.8 percent. Three months prior to third quarter of 2008, UK GDP was growing at a speed of 2.8 percent. As per Eurostat, 2008 total GDP of UK is around $19,000 billion.
UK exports and imports
In 2007, total UK exports amounted to around $320 billion. This was a 10 percent decrease over UK export figures for previous year. Exports to European Union decreased by about 17 percent. During this period, there was an increase of 1 percent in exports to countries outside European Union.
In 2007, total UK imports amounted to about $451 billion. In comparison to previous year, this was a 2 percent increase in total UK imports. Imports from European Union registered an increase of 2.5 percent from previous year figure. Imports from countries outside European Union also saw an increase of 2 percent.
Inflation
Consumer prices index annual inflation in UK was around 4.1 percent in November 2008. This is a decrease of 0.4 percent from inflation percentage in October 2008. Fall in fuel and lubricant costs have led to a downward pressure on consumer prices index inflation rate. Retail prices index inflation rate decreased from 4.2 percent in October to 3.0 percent in November 2008. Same factors were at play as for consumer prices index inflation rate.
