UK economy still outperforms its European neighbours
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And the Brits are still richer than their European neighbours -
UK economy outperforms European neighbours
The UK is appreciably better off than its European neighbours, according to new figures from consultancy Oxford Economic Forecasting. In 2001 UK gross domestic product (GDP) per head was $23,712: five per cent ahead of Germany, seven per cent better than France and 16 per cent above the average in the 12 European countries that adopted the euro as their currency on 1st January. Ten years ago, GDP in the UK lagged 19 per cent behind Germany’s, 16 per cent behind France’s and 9 per cent behind that of the Euroland countries overall. The dramatic turnaround is partly due to the strength of the pound against the euro but is equally attributable to the underlying strength of the UK economy, which last year grew faster than in any other leading industrial country.
Head of Oxford Economic Forecasting Adrian Cooper said that the UK economy had grown consistently faster than those in the eurozone over the past five years. It has registered an annual average growth rate of 2.7 per cent, compared with 1.8 per cent in Germany, and Mr Cooper predicted that the gap would widen this year. It still has some way to go before it catches Japan and the US, however. GDP per head in those economies was, respectively, 27 per cent and 35 per cent higher in 2001.
One sign of the UK’s prosperity relative to Europe comes in an official study by Eurostat, the European Union’s statistical office, which reveals that Britons spend more on holidays and leisure than any of their European compatriots. Drinking, socialising, eating out and holidays are the top priorities for UK consumers, who spend on average $4,774 per year on recreation, or 21.3 per cent of the household budget. This compares with 14.5 per cent in France and just 10.9 per cent in Italy, where per capita income levels are similar.
The consultancy points to higher income levels (up 65 per cent since 1985), longer working hours and the decline of the traditional family as reasons for the increase in leisure spending. People are now more likely to have children in their 30s than in their 20s and subsequently have a far longer period of freedom when personal spending is accorded a higher priority.
If they can’t afford luxuries, Britons are also more likely than any nationalities to reach for a credit card. Another survey, by market research company Datamonitor, shows that consumer borrowing rose by $6.7 billion in November 2001 to reach a record $1,106 billion. Britons are also more likely to be binge spenders. Datamonitor reveals that UK households spend $3.1 billion per year on ready-made TV dinners, second only to the Swedes.
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And the Brits are still richer than their European neighbours -
UK economy outperforms European neighbours
The UK is appreciably better off than its European neighbours, according to new figures from consultancy Oxford Economic Forecasting. In 2001 UK gross domestic product (GDP) per head was $23,712: five per cent ahead of Germany, seven per cent better than France and 16 per cent above the average in the 12 European countries that adopted the euro as their currency on 1st January. Ten years ago, GDP in the UK lagged 19 per cent behind Germany’s, 16 per cent behind France’s and 9 per cent behind that of the Euroland countries overall. The dramatic turnaround is partly due to the strength of the pound against the euro but is equally attributable to the underlying strength of the UK economy, which last year grew faster than in any other leading industrial country.
Head of Oxford Economic Forecasting Adrian Cooper said that the UK economy had grown consistently faster than those in the eurozone over the past five years. It has registered an annual average growth rate of 2.7 per cent, compared with 1.8 per cent in Germany, and Mr Cooper predicted that the gap would widen this year. It still has some way to go before it catches Japan and the US, however. GDP per head in those economies was, respectively, 27 per cent and 35 per cent higher in 2001.
One sign of the UK’s prosperity relative to Europe comes in an official study by Eurostat, the European Union’s statistical office, which reveals that Britons spend more on holidays and leisure than any of their European compatriots. Drinking, socialising, eating out and holidays are the top priorities for UK consumers, who spend on average $4,774 per year on recreation, or 21.3 per cent of the household budget. This compares with 14.5 per cent in France and just 10.9 per cent in Italy, where per capita income levels are similar.
The consultancy points to higher income levels (up 65 per cent since 1985), longer working hours and the decline of the traditional family as reasons for the increase in leisure spending. People are now more likely to have children in their 30s than in their 20s and subsequently have a far longer period of freedom when personal spending is accorded a higher priority.
If they can’t afford luxuries, Britons are also more likely than any nationalities to reach for a credit card. Another survey, by market research company Datamonitor, shows that consumer borrowing rose by $6.7 billion in November 2001 to reach a record $1,106 billion. Britons are also more likely to be binge spenders. Datamonitor reveals that UK households spend $3.1 billion per year on ready-made TV dinners, second only to the Swedes.