The UK’s economy grew by 0.6% between April and June as it continued its recovery from the recession at the end of last year.
The latest figure was in line with forecasts and follows a 0.7% increase in the first three months of this year.
Growth was led by the services sector, in particular the IT industry, legal services and scientific research. Services are the biggest contributor to the UK’s economy, far outstripping manufacturing and construction, both of which saw output fall between April and June.
I suppose the bosses and managers can breathe a sigh of relief for the moment, but I highly doubt this will translate into an increase in living standard for those actually struggling with the “cost of living” (what a cynical phrase)
Out of interest, what GDP increase figures would lead to an increase in living standards?🤔
None (unless we’re talking about billionaires). GDP is a dogshit predictor of living standards, but gets presented as such by media pundits, who try to make the everyday person empathise with the ultra-rich
What is a good indicator if not GDP?
I suppose you could create one based on the average wage and the average cost of living. I’m sure something like that does exist. Buying power or disposable income or whatever.
GDP is useless because it counts things like all the money proles are forced to pay to their landlords. And the amount they fork over to energy and utility companies. It counts the hugely inflated value of property markets. It’s not very indicative of how us small folk actually live.
Wage rises in excess of cpi, generally. Gdp increases can be meaningless on an individual basis. For instance, Australia has had years of gdp rises, which are just due to increased population size. The average person has less money as population rising faster than gdp. It’s a per capita recession, but not a technical recession.
I imagine it would only be relevant if the average person owned index stocks