You became the embassador of U
You became the embassador of UK. Using what you have learned inthis class comment on how the UK economy performed last year usingthe major macroeconomic indicators. Explain why do you think sheperformed well or poor. (You can use all available knowledge/dataonline)
Answer:
UK’s economy is one of the mostindustrialized and advanced economy in the world. In the fiscalyear 2019, the U.K ‘s GDP growth rate was 1.4% and the nominal GDPreached $2.744 trillion. Services sector contributed 80.2% to theGDP, whereas industrial sector’s contribution was 19.2%.Contribution of agriculture sector was a mere 0.6% to the GDP.
Inflation rate was well below at1.8% in the year. Unemployment rate was at a manageable rate of3.9%. Annual exports was worth $837 billion, whereas imports wasworth $876.6 billion. Public debt to GDP ratio decreased to 85.4.The country had $164 billion worth of foreign exchange reserves.Most of the credit rating agencies had a stable to positive outlookfor the economy.
Overall we can see from the dataabove that the country enjoyed a stable growth rate with very lowunemployment rate as well as a stable price level regime due to lowinflation rate.
Therefore, we can say that thecountry’ economy performed well.
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