This tool presents data from our most recent releases in the main areas that contribute to economic activity. For the latest data and analysis on the UK economy, business and jobs following Brexit and during the coronavirus (COVID-19) pandemic, visit our roundup, UK economy latest. ! The commentary presented is not a forecast or prediction. Embed code Embed this interactive Related
This page provides commentary and charts on the latest changes in the UK economy, using novel and rapid data sources as well as official statistics. We explain the reasons behind each change as much as possible, although it can be difficult to separate the impacts of different things such as Brexit and COVID-19. For an overview of our main economic indicators,
visit our dashboard. This page was last updated at 09:30 on 30 September 2022. Because of methodological changes, households appear to have been saving more during the coronavirus (COVID 19)
lockdowns than originally first thought, while real incomes have been decreasing over recent quarters. Since Quarter 2 (Apr to June) 2020, the household saving ratio has seen a shift upwards, suggesting that households were saving more of their income than we previously thought. The saving ratio peaked at 26.8% in Quarter 2 2020, meaning that more than a quarter of total household income was saved as coronavirus pandemic lockdowns restricted opportunities to spend. These
calculations were revealed following an update of data sources used to calculate the household saving ratio in the UK. The ratio has been revised by an average of negative 0.2 percentage points annually, between 1997 and 2019. Using our new data, Quarter 2 (Apr to June) 2022 is now the fourth consecutive quarter of real negative growth in disposable income. Driving the rise in household expenditure this quarter were increases in the cost of electricity and gas and price increases at
restaurants and cafes. Our latest estimates now show that household saving has still not dropped to the level seen in Quarter 4 (Oct to Dec) 2019, the last full quarter not affected by coronavirus restrictions. Image
.csv
.xls Despite household saving remaining higher than before the coronavirus pandemic, real
household disposable income (RHDI) fell by 1.2% this quarter. Nominal household gross disposable income grew by 1.8% but was offset by quarterly household inflation of 3.1%; the largest quarterly growth in household inflation since Quarter 4 1981, when it was 3.2%.
🠕 Back to the top Cost of living increases prompt adults to look for better-paid work30 September 2022Around 1 in 5 working adults (19%) has reported looking for better-paid work in response to the cost of living crisis, including promotion. The latest release on Public opinions and social trends for Great Britain also showed that in the period 14 to 25 September 2022, 15% of working adults were working more hours than usual in their main job because of increases in the costs of living. Around 1 in 5 (19%) reported looking for a job that pays more money, including a promotionProportion of working adults in Great Britain, 14 to 25 September 2022Source: Source: Office for National Statistics (ONS) – Opinions and Lifestyle Survey (OPN)Download this chart Around 1 in 5 (19%) reported looking for a job that pays more money, including a promotionImage .csv .xls Most working adults (63%) reported they were not doing anything differently in terms of their work situation because of increases in the cost of living. The survey also revealed that around three-quarters (76%) of adults were very or somewhat worried about the cost of living. The cost of energy was also concerning adults in the period 14 to 25 September 2022. Around 4 in 10 (44%) of adults who pay energy bills said they found it very or somewhat difficult to afford them in the latest period. Around 3 in 10 (28%) of those who are currently paying rent or mortgage payments reported finding it very or somewhat difficult to make these payments.
🠕 Back to the top UK GDP is estimated to have risen by 0.2% in Quarter 2 202230 September 2022The first quarterly estimate of UK gross domestic product (GDP) shows an estimated rise of 0.2% in Quarter 2 (Apr to June) 2022, upwardly revised from a first estimate of a 0.1% fall. The level of real GDP is now estimated to be 0.2% below where it was pre-coronavirus (COVID-19) at Quarter 4 (Oct to Dec) 2019, downwardly revised from previous estimates of 0.6% above. There was a slowing in services output from 0.8% in Quarter 1 (Jan to Mar) 2022 to 0.2% in Quarter 2 2022. This was underpinned by an easing in the output areas of information and communication, and professional, scientific and technical activities. There was also continued weakness in the output produced by the wholesale and retail trade, and health industries. Production output saw a revised downward fall of 0.2% in Quarter 2 2022 from an increase of 0.5% at the first quarterly estimate. This was driven by a 1.1% fall in manufacturing output, particularly in the manufacture of computer, electronic and optical products; manufacture of chemicals and chemical products; and manufacture of rubber and plastics products, and other non-metallic minerals. Construction output rose by 1.1% in Quarter 2 2022, revised down from a first quarterly estimate of 2.3%. Seven of the nine construction sectors saw an increase in Quarter 2 2022, primarily driven by new work, and repair and maintenance. Revised estimates show that growth in the latest quarter was upwardly revised to 0.2%, however the economy continues to slowUK, Real GDP, Percentage growth, Quarter 1 (January to March) 2019 to Quarter 2 (April to June) 2022Source: Office for National Statistics – GDP quarterly national accountsDownload this chart Revised estimates show that growth in the latest quarter was upwardly revised to 0.2%, however the economy continues to slowImage .csv .xls Revisions to GDP have meant a sharper contraction in 2020 followed by a stronger recovery through the pandemic. Estimates show that UK GDP contracted by a downwardly revised 11.0% in 2020, reflecting the effects of COVID-19 restrictions, while UK GDP is now estimated to have expanded by an upwardly revised 7.5% in 2021.
🠕 Back to the top Consumer spending falls, with fuel purchases down29 September 2022Card spending on “automotive fuel” in the UK fell by 10 percentage points in the latest week, according to data from Revolut. However, despite the recent falls, spending on automotive fuel was 12 percentage points higher than it was in the equivalent week of 2021. There were also falls in “food and drink” spending, which fell 5 percentage points and has been falling steadily since mid-August 2022. According to Springboard, overall weekly retail footfall in the week to 25 September 2022 was 93% of the previous week, with falls in all English regions and UK countries. UK seated diners fell by 7 percentage points in the same period, and Pret a Manger transactions fell at most UK locations. Weekly changes will have been affected by the State Funeral of Her Majesty Queen Elizabeth II on 19 September 2022.
🠕 Back to the top Businesses considering raising prices because of energy costs22 September 2022More than a quarter (29%) of UK businesses expect the prices of the goods or services they sell to increase in October 2022, broadly stable with the previous month’s expectations. For businesses with 10 or more employees, 32% expect prices to increase. Of those businesses considering raising prices, energy prices continued to be the most common reason for doing so, at 46% for all businesses and 55% for businesses with 10 or more employees. These are the highest reported percentages since this question was first introduced to the Business Insights and Conditions Survey in April 2022. More than half (55%) of businesses with 10 or more employees reported energy prices as the main reason for considering raising prices in October 2022Price expectations, businesses currently trading and are considering raising prices, broken down by response option and size band, weighted by count, UK, 1 to 31 October 2022Source: Office for National Statistics – Business Insights and Conditions SurveyDownload this chart More than half (55%) of businesses with 10 or more employees reported energy prices as the main reason for considering raising prices in October 2022Image .csv .xls The next most common reason reported by trading businesses considering raising their prices was the price of raw materials, at 29% for businesses of all sizes. For businesses with 10 or more employees this percentage was 34%. In early September 2022, 35% of all trading businesses reported their production and/or suppliers had been affected by the recent increase in energy prices. This was up from 33% in early August 2022. For businesses with 10 or more employees, these percentages were higher at 45% and 44%, respectively.
đź • Back to the top Road traffic falls as the nation slows down for the State Funeral22 September 2022Road traffic decreased sharply by 45 percentage points as the nation slowed down on 19 September for the State Funeral of Her Majesty Queen Elizabeth II, according to data from the Department for Transport. Nearly half (44%) of all trading businesses continued to report an increase in the prices of goods and services bought in August compared with the previous month. By contrast, the proportion of businesses reporting an increase in the prices of goods and services sold fell slightly by 3 percentage points during the same period. Data from Adzuna showed only a marginal increase of around 2% in online job adverts during the past week. This was 12% lower than the equivalent week last year. The system average price of gas in the UK rose by 13% in the week to 18 September 2022, finishing 106% higher than the equivalent period in 2021.
đź • Back to the top Related
What were the factors of production that Britain had?Natural Resources. Another major reason why the Industrial Revolution began in Great Britain was that it had an abundant supply of what economists call the three factors of production. These factors of production are land, labor, and capital.
What are Britain 4 factors of production?There are four factors of production that a business needs to be able to produce their products or provide their service. These are land, labour, capital and enterprise. Land - This includes the physical land where the business is located and also the natural resources that a business might need.
What were the factors that contributed to the role of Great Britain in the Industrial Revolution?Many different factors contributed to the rise of the Industrial Revolution in Britain. The new inventions, access to raw materials, trade routes and partners, social changes, and a stable government all paved the way for Britain to become an industry-driven country.
What are 3 things that changed in Great Britain as a result of industrialization?The technological changes included the following: (1) the use of new basic materials, chiefly iron and steel, (2) the use of new energy sources, including both fuels and motive power, such as coal, the steam engine, electricity, petroleum, and the internal-combustion engine, (3) the invention of new machines, such as ...
|
Which of the factors of production were impacted in great britain by the items listed above?
zusammenhängende Posts
Urheberrechte © © 2024 ihoctot Inc.
