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
IMF Staff Country Reports, March 3, 2003
Source details
- Canonical URL
- 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
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Bibliographic details
- Published: March 3, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451814194.002
Key economic findings
- Real GDP of the United Kingdom increased at an average rate of some 2.8 percent.
- The unemployment rate halved to below 5 percent by April 2001.
- Inflation—on a harmonized basis—was about 1.5 percent, below the European Union average.
- Notwithstanding the global slowdown, the United Kingdom economy grew by 1.7 percent in 2002, driven mainly by buoyant private consumption and increased public spending.
- Real output growth decelerated in 2002 but remained above that of other large European countries.
Growth and demand composition
- Aggregate growth:
- Average real GDP increase: some 2.8 percent.
- 2002 real GDP growth: 1.7 percent.
- Demand drivers in 2002:
- Buoyant private consumption.
- Increased public spending.
- Comparative performance:
- Despite deceleration, growth in 2002 remained above that of other large European countries.
Labor market
- Unemployment developments:
- Unemployment rate halved to below 5 percent by April 2001.
Prices and inflation
- Inflation developments:
- Harmonized inflation about 1.5 percent.
- Inflation was low since the mid-1990s and remained below the European Union average.
Report metadata (selected)
- Pages: 63
- Volume: 2003
- Issue: 048
- Series: Country Report No. 2003/048
- ISBN: 9781451814194
- DOI: https://doi.org/10.5089/9781451814194.002
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