How does the UK's Q1 economic report card compare with China, the United States, Russia, Germany, France, South Korea and other countries?

Nansheng said in this life

2024-05-14 10:40Posted in Guangdong Finance and Economics Creators

The UK's economic performance continued to be weak in the first quarter of this year, with preliminary statistics currently released showing that GDP grew by 0.6% quarter-on-quarter and only marginally by 0.2% year-on-year. Although the growth was not high, it reversed the decline of the previous quarter.

To avoid falling into the quagmire of "technical recession", the British media said: the service industry and industrial activity have become the main forces to promote the recovery of the British economy, with the two achieving a month-on-month increase of 0.7% and 0.8% respectively. However, the construction sector continued to struggle, shrinking 0.9% quarter-on-quarter in the first quarter.

Of the 14 categories in the service sector, 11 achieved quarter-on-quarter growth in the first quarter of this year. Among them, pipeline (excluding rail transport) and land transport services increased by 6.4 per cent, the transport and storage sector by 3.7 per cent, and professional, scientific and technical activities by 1.3 per cent.

Eight of the 13 industrial sectors saw a sequential increase. Among them, the production of transport equipment increased by 5.7%, the production of basic metals and metal products increased by 3.1%, and the production of food, beverages and tobacco increased by 1.5%. However, the textile, garment and leather manufacturing sector fell by 3.6 per cent.

Water supply, sewerage, waste management and remediation activities fell by 2.4 per cent and mining by 2.2 per cent, which partly offset the contribution of growth in other productive activities.

On the three demand sides: Household spending in the UK increased by 0.2% month-on-month, driven by consumption in housing, water and fuel, entertainment and culture, catering and hotels. Government consumer spending increased by 0.3% month-on-month, driven by higher health and transport activities.

However, declines in public administration, defence and education sectors partially offset the overall increase in government consumption. There was also gross capital formation, inventory investment, and business investment all declined, but housing and other buildings saw a more significant increase......

The UK's GDP in the first quarter hit a new high

At market prices, the UK's nominal GDP in the first quarter of 2024 was £685.411 billion, up 0.2% year-on-year. Although the real growth rate of the economy is not high, the size of the economy has once again set a new record in the first quarter of the year.

At average exchange rates, the UK's GDP in the first quarter was about $869.1 billion, also a record high, and it continues to be the "second largest economy in Europe" after Germany and ahead of France.

Germany: The performance was very poor, excluding the price increase, the economy increased by 0.2% quarter-on-quarter, but fell by 0.9% year-on-year, and the completed GDP in the first quarter was 1,049.32 billion euros, about $1,139.3 billion, which was also a record high, spurred by inflation and exchange rate factors.

Of the top three in Europe, France is the best performer! Although the quarter-on-quarter growth rate of the economy in the first quarter was also 0.2%, the year-on-year growth rate under the seasonally adjusted standard reached 1.1%, and the nominal GDP at market prices was 719.086 billion euros, or about 780.77 billion US dollars.

What about the Q1 economic report cards of some other countries?

Kyrgyzstan's economy surged 8.8% year-on-year in the first quarter, leading the way. The economy of Uzbekistan grew by 6.2 percent year-on-year, the Philippines by 5.7 percent, Vietnam by 5.66 percent, the mainland by 5.3 percent and Indonesia by 5.1 percent.

In the first quarter of this year, the economy grew in the range of 5% year-on-year, and its Ministry of Economic Development gave a preliminary calculation of 5.4% - but this result still needs to be confirmed by the Russian State Statistics Service, let's take it as a reference.

Belarus's economy grew by 4.1 percent year-on-year in the first quarter, Azerbaijan by 4.0 percent, South Korea by 3.4 percent, Singapore by 2.7 percent, Spain by 2.4 percent, Italy by 0.6 percent, Sweden by 1.1 percent, Austria by 1.3 percent and Ireland by 4.9 percent.

Finally, the U.S. economy grew by 2.9% year-on-year in the first quarter, expanding to $6,926.1 billion on the back of inflation. If the seasonally adjusted standard is adopted, the U.S. economy in the first quarter rose at an annualized rate of 1.6%, a year-on-year increase of 3%, and the GDP exceeded $7 trillion.

The current situation is very differentiated, with inflation rates falling short of targets in many countries. In some countries, the CPI is too high and has never been able to fall to the 2% benchmark, while in others, prices have become deflationary and have failed to raise the CPI to the target of 2% to 3%.

Then there is the exchange rate factor, under the influence of factors such as the postponement of interest rate cuts revealed by the Federal Reserve and the strengthening of capital harvesting, many Asian currencies have recently depreciated significantly. This has exacerbated global development imbalances and brought new disruptions to national fiscal and monetary policies. This article is written by Nansheng, welcome to forward, comment, leave a message and share!

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