How is the UK as a whole doing Essay Example | Topics and Well Written Essays - 1000 words

How is the UK as a whole doing - Essay Example Similar to this is the money or cash flow for output services, (Maher and Wise, 2005, p.85). The key economic players are administration, business trade, households, and the wider international globe. Their means of interaction with one another is explained as a transaction The national statistics office offers statistics of the economy that measure the economy of the United Kingdom in various ways. For instance, there are complete United Kingdom national and economic accounts that offer an overall economic view. The accounts sequence follows the laid out accounts if the national account systems of 1993, as well as the European Account systems of 1995. Similarly, short-term economic indicators like GDP, Index of Retail Sales, Production Index and Services Index exists. Additionally, there are some statistics offered on Payments Balance and Products and Services Trade. UK economic performance The performance of economy of UK is evaluated based on attainment of goals and targets the ec onomy. The goals may be long-term like effective development and growth of the economy, or temporary like economic stabilization in following abrupt and unpredictable factors mainly known as economic shocks. To evaluate economic performance against the above goals, economists use various economic indicators. These economic indicators estimate variables of economy, which directly or indirectly allow them to determine whether the performance of economy has enhanced or declined. Tracing such economic indicators is crucial to policy makers to allow them determine whether to intervene or if the intervention activities and plans have been successful or not. According to statistics, the first quarter GDP increase was about 0.3 percent – a yearly growth rate of about 1.2 percent, (Helpman, 2008, p.12). This was 0.6 percent increased from the previous years; these growth rates are low than the set target and 3% than the growth witnessed prior to the financial crisis. The IMF asserts t hat the 2009 advanced economies GDP - that entails the United States, Japan and popular economies of Europe – will be about 3.8% higher than in the 2007 and 2008 cycles. Although, the United Kingdom GDP has not recovered its initial 2008 level, extreme slowdowns have been witnessed in various economic sectors that make up lower than 21% output and approximately 10% of employment opportunities – services of finance, construction and gas or oil, (Steil and Victor, Nelson, 2002, p.56). Apart from the sector of finance, the services activities that the key UK economic pillars are improving, this is the reason behind increased and strong employment. The informal sector accounts for approximately a million United Kingdom’s employments in the last three years. Whereas UK does not have extensive manufacturing based that maintained its economy in both 19th and 20th centuries, it has various global and prominent manufactures – in aerospace, high engineering technol ogy and health care sectors. UK care industry attained in global record export level last year. UK manufacturing is still competitive in knowledge deployment, skills, and technology and has a competitive advantage over reduced wage; labor-intensive sectors of manufacturing that have shifted to developing economies. UK has also strong and competitive business sector services