Current Uk Economic Conditions

Topics: Supply and demand, Economics, United Kingdom Pages: 4 (1171 words) Published: April 26, 2013
Information and definition
The United Kingdom of Great Britain and Northern Ireland is also known as UK, United Kingdom or Britain. United Kingdom is a member of European Union, G 8, G-20, World Trade Organization, Common Wealth of Nations, United Nations Security Council, NATO, Organization for Economic Cooperation and Development (OECD). United Kingdom is a well developed country. It has a rich economy brought up by economies of its individual countries England, Scotland, Wales and Northern Ireland. Landon which is the capital of UK and England is the most important financial center for international business and commerce. UK is one of the most important globalised countries of the world. GDP

GDP, or Gross domestic product is a measure of a country's economic activity, namely of all the services and goods produced in a year. It is arguably the most important of all economic statistics as it attempts to capture the state of the economy in one number. Quite simply, if the GDP measure is up on the previous three months, the economy is growing. If it is negative it is contracting, and two consecutive three-month periods of contraction mean an economy is in recession. GDP is based on a huge survey of businesses and government departments compiled by the Office for National Statistics. Credit rating

The BBC News explains that “Credit ratings are issued by credit rating agencies, private companies who sell their financial analysis to investors.” In the case of countries, agencies are assessing their creditworthiness - their ability to pay back money lent to them. The less likely a country is to be able to pay back its debts, the lower the rating. Current situation

In fact, after 1992, the UK economy and average household incomes enjoyed a period of unbroken growth. But in 2008, the global financial crisis plunged the UK into its longest and deepest recession since comparable records began in the 1950s. More than a million people lost their jobs as businesses...
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