OECD Economic Surveys 2007: United Kingdom by OECD Organisation for Economic Co-operation and Develop

By OECD Organisation for Economic Co-operation and Develop

This 2007 version of OECD’s periodic financial survey of the British economic system reveals that the united kingdom has embraced globalisation and has been rewarded with robust progress and function, yet that the near-term outlook is extra doubtful, given fresh monetary marketplace turbulence. between different matters, it appears to be like at key demanding situations together with globalisation, elevating academic fulfillment, enhancing paintings clients for the least expert, the productiveness hole, and tax festival.

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Twelve member countries. uk; US Bureau of Labour Statistics, Japanese Statistics Bureau and Eurostat – online databases, September 2007. 1787/115680483127 As well as putting downward pressure on some prices, globalisation has also put substantial upward pressure on the prices of oil and other commodities. 3% of GDP), the higher oil price still served to redistribute income towards the oil companies and the government and away from non-oil firms and households. So the risk of higher energy prices spilling over into higher wages is still an important concern for the Bank of England.

6, upper panel). In terms of export market share, however, the UK economy is performing better in services (middle panel). In most components of services the United Kingdom runs a trade surplus, with the travel and transportation components being important exceptions (bottom panel). 6% of GDP in the first quarter of 2007. For both goods and services the United Kingdom trades most with other OECD countries. Although the share of non-OECD countries in total world trade has risen from around one quarter at the start of the 1990s to around one-third, non-OECD countries accounted for only about 20% of total UK trade in 2004; the UK’s largest single trading partner is the United States (approximately 10% of total goods trade and 20% of total services trade), although the euro area as a whole is much more important (50% of goods trade and 40% of services trade).

1). The larger than expected deficits over the 2001-04 period were due to a combination of falling public sector current receipts as a percentage of GDP together with 28 OECD ECONOMIC SURVEYS: UNITED KINGDOM – ISBN 978-92-64-03772-4 – © OECD 2007 1. MAKING THE MOST OF GLOBALISATION a deliberate government decision to significantly raise current expenditures as a percentage of GDP over this same time period. More recently, current receipts have recovered to previous levels and the deficits can be attributed largely to higher rates of expenditure.

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