Median household disposable income in the UK was £29,400 at the end of the financial year 2019, up 1.4% or £400 compared to the end of the financial year 2018, after accounting for inflation.
The United Kingdom’s trade deficit more than doubled to a record £20.3 billion in the first quarter (Q1) of 2019, or 3.7% of GDP. This was the fifth consecutive quarter of deterioration.
The last time the UK’s trade deficit was over 3% of GDP was in Q2 2002.
At the end of March 2019, the employment rate for the United Kingdom was estimated at 76.1%, the joint- highest figure on record. The UK economic inactivity rate was estimated at 20.8%, again close to a record low.
UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.5% in Q1 (January to March) 2019. In comparison with the same quarter a year ago (Q1 2018) UK GDP increased by 1.8%, the fastest growth since Q3 2017.
The first estimate of Euro area or Eurozone (EA19) and European Union (EU28) trade statistics by Eurostat for 2018 reveals several interesting insights.
Continue reading “European Union and Eurozone trade statistics for 2018 – EU swings to a trade deficit; EU – record trade surplus with the U.S. and record trade deficit with Russia; UK had largest intra-EU trade deficit”
The European Commission slashed their GDP growth forecast for the European Union (excluding the United Kingdom) and the Eurozone for 2019 and 2020 citing slowing growth in China and weakening global trade.
The growth forecast for 2019 for the European Union (excluding the United Kingdom) was cut to 1.5% for 2019 (was previously forecast 2%) and for the Eurozone was cut to 1.3% (was previously forecast 1.9%).
Germany, Italy and the Netherlands all saw big downgrades for their growth outlook.