You became the embassador of UK. Using what you have learned in this class comment on...

You became the embassador of UK. Using what you have learned in this class comment on how the UK economy performed last year using the major macroeconomic indicators. Explain why do you think she performed well or poor. (You can use all available knowledge/data online)

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Expert Solution

UK's economy is one of the most industrialized and advanced economy in the world. In the fiscal year 2019, the U.K 's GDP growth rate was 1.4% and the nominal GDP reached $2.744 trillion. Services sector contributed 80.2% to the GDP, 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 at 1.8% in the year. Unemployment rate was at a manageable rate of 3.9%. Annual exports was worth $837 billion, whereas imports was worth $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 outlook for the economy.

Overall we can see from the data above that the country enjoyed a stable growth rate with very low unemployment rate as well as a stable price level regime due to low inflation rate.

Therefore, we can say that the country' economy performed well.

Rahul Sunny answered 1 year ago

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