United Kingdom: 2002 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the United Kingdom

March 3, 2003

Preview Citation

Format: Chicago

United Kingdom: 2002 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the United Kingdom, (USA: International Monetary Fund, 2003) accessed November 23, 2024

Summary

This 2002 Article IV Consultation highlights that the real GDP of the United Kingdom increased at an average rate of some 2.8 percent, and the unemployment rate halved to below 5 percent by April 2001. Inflation, which has been low since the mid-1990s, was—on a harmonized basis—about 1.5 percent, below the European Union average. Real output growth decelerated in 2002, but remained above that of other large European countries. Notwithstanding the global slowdown, the United Kingdom economy grew by 1.7 percent owing mainly to buoyant private consumption as well as increased public spending.

Subject: Expenditure, Fiscal policy, Housing prices, Inflation, Labor, Prices

Keywords: Consumer demand, CR, Europe, Global, Housing prices, Inflation, ISCR, Labor market indicator, Merchandise export, Rate, Rate cut, Staff appraisal, U.K. economy

Publication Details

Pages:

63
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2003/048
Stock No:

1GBREA0032003
ISBN:

9781451814194
ISSN:

1934-7685

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