Economic growth (the annual change in real GDP) is a key indicator for any country, as it shows how the volume of output being produced changes through time. Figure 1 shows recent experience for selected countries. The recession of the late 2000s is very clear, as is the slow recovery for most countries. The prolonged recession in Greece is also apparent.
The percentage unemployment rate is an important indicator of the health of the economy. Figure 2 shows two measures of unemployment in the UK. The claimant count shows the number of people claiming the Job Seekers’ Allowance (JSA), but this excludes some people who would like to work but do not qualify for the JSA. The ILO (International Labour Office) measure is preferred, and is the measure used across countries as the accepted indicator of unemployment.
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