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GDP Per Head Down On 2007 Level

Friday, April 17, 2015

Bigger Cake But Smaller Slices As GDP Per Head In UK Still 1.5% Below 2007 Levels

Many of the new jobs in the UK are directly linked to the 3.2 million increase in population since 2007 which led to additional economic activity as would be expected says GMB.

GMB commented on the latest data for employment and unemployment released today (17th April 2015)

Paul Kenny, GMB General Secretary, said "There is a bigger cake but smaller slices as GDP per head in the UK is still 1.5% below 2007 levels. See notes to editors for revised data from ONS.

Many of the new jobs are directly linked to the 3.2 million rise in population since 2007 which led to additional economic activity as would be expected..

Most of these new jobs are mainly low skilled, low paid and very precarious jobs many on zero hours. Even skilled workers in the UK face being undercut while wages are stagnant or falling in real terms.

Most workers have seen little or no evidence of any recovery in living standards due to the Tories not promoting real economic growth based on investment and productivity gains.

The circumstances that gave rise to many new jobs in this Parliament are not likely to repeated in the next one. Tory claims on this completely lack credibility.

Growth due to demographics should not be confused with real GDP growth per head.”

End

Contact: Brian Strutton, GMB National Secretary for Public Services on 07860 606137 or Kamaljeet Jandu, GMB National Equality and Diversity Officer on 07956 237178 or Martin Smith, GMB National Organiser on 07974 251722 or GMB Press Office 07921 28988.

Notes to editors

GDP per head since 2007 expressed at constant prices: latest revision from ONS

 

Gross Domestic Product:

chained volume measures:

Seasonally adjusted £m

population

GDP per capita

2007=100

% change since 2007

2007

1,637,432

61,319,100

26,703

100

 

2008

1,631,995

61,823,800

26,398

98.9

-1.1

2009

1,561,646

62,260,500

25,082

93.9

-6.1

2010

1,591,494

62,759,500

25,359

95.0

-5.0

2011

1,617,677

63,285,100

25,562

95.7

-4.3

2012

1,628,338

63,705,000

25,561

95.7

-4.3

2013

1,656,498

64,105,700

25,840

96.8

-3.2

2014

1,697,910

64,567,993

26,296

98.5

-1.5

 

 

 

 

 

 

NB: 2014 population data are 2012-based projections for start of the year

 

GDP figures for 2014 calculated using 2.5% growth since 2013

 

 

 

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