IMF Staff Country Reports

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

Publication Date:

March 3, 2003

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

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.

Series:

Country Report No. 2003/048

Subject:

Expenditure Fiscal policy Housing prices Inflation Labor Prices