GDP per capita returns to pre-recession levels

HAMISH_MCTAVISH

Following this quarter's growth figures GDP per capita has now returned to pre recession levels, and this despite population also increasing markedly since then via migration and natural change.....

According to the ONS...

"GDP per head would be broadly equal to the pre-economic downturn peak in Quarter 1 (Jan to Mar) 2008."

And this at a time of record high employment, low unemployment, and with average wages rising significantly faster than inflation.

Quite clearly the high levels of immigration since 2008 have not stopped GDP per head growing back to pre recession levels, employment reaching record highs, unemployment dropping, and now average wages rising much faster than inflation.

Also of interest...

The latest figures also confirm that the UK's growth performance since 2008, the year of the financial crisis, has been better on average than Germany's, after a long period in which Germany outperformed the UK.

http://uk.businessinsider.com/uk-gdp-growth-q2-2015-2015-7?r=US&IR=T#ixzz3hYiUqmsY

Perhaps 'the usual suspects' will have to find something else to complain about?

cells

Thats 7 years of standing still it should be some 20% higher than 2008

But to be fair with the oil and gas industry output falling by 75% and house building by nearly 50% if you strip those two out the gdp per head is indeed markedly higher

Generali

Fantastic news.

Unemployment is falling, GDP per head and overall is rising, wages are rising, the deficit is falling.

Austerity lite seems to be working along with policies to get people into work and off welfare.

kabayiri

Generali wrote: »

Fantastic news.

Unemployment is falling, GDP per head and overall is rising, wages are rising, the deficit is falling.

Austerity lite seems to be working along with policies to get people into work and off welfare.

I think Austerity of some form is the only realistic option, but the next set of cuts are going to eat into some core functions.

I was talking to someone working in one of the Housing Associations. Last year they had plans for 2700 houses; post budget the figures are now just 600. Can the private sector pick up the slack? Time will tell.

Generali

kabayiri wrote: »

I think Austerity of some form is the only realistic option, but the next set of cuts are going to eat into some core functions.

I was talking to someone working in one of the Housing Associations. Last year they had plans for 2700 houses; post budget the figures are now just 600. Can the private sector pick up the slack? Time will tell.

It did and more so with jobs. For housing? Time will tell.

I am a little more pessimistic on housing given the UK's appalling record on housing its countrymen.

CLAPTON

kabayiri wrote: »

I think Austerity of some form is the only realistic option, but the next set of cuts are going to eat into some core functions.

I was talking to someone working in one of the Housing Associations. Last year they had plans for 2700 houses; post budget the figures are now just 600. Can the private sector pick up the slack? Time will tell.

It's of course an excellent thing that totally unaccountable HAs are reducing the rate of creating new ghettos at taxpayer expense.

what 'core' function are being eaten into?

Mistermeaner

Good news! I'd love some sort of parallel universe or computer model where would rerun the numbers but tweak certain variables to see what would have happened with a Labour set of policies..... Or god forbid an snp economy.

Thrugelmir

kabayiri wrote: »

I think Austerity of some form is the only realistic option, but the next set of cuts are going to eat into some core functions.

The news that filters down to us is that you ain't seen nothing yet. Next round of austerity is going to bite far harder. Cut backs and savings amounting to 30% out of a total spend of £13 billion have been mooted over the next 5 years.

stator

Good news for those with an average pay rise. Not so good for those with no pay rise.

Thrugelmir

stator wrote: »

Good news for those with an average pay rise. Not so good for those with no pay rise.

Or a job. I recently met people who took voluntary exit last July and October respectively ( offer was extremely attractive). Both are still without permanent jobs and regret their decision. The grass isn't always greener.

CLAPTON

Thrugelmir wrote: »

Or a job. I recently met people who took voluntary exit last July and October respectively ( offer was extremely attractive). Both are still without permanent jobs and regret their decision. The grass isn't always greener.

strange how unemployment figures seem to be failling