GMB Experts in the World of Work
Join GMB today
 Follow @GMB_union

Long Way To Go To Get Back To 2007

Wednesday, May 14, 2014

Continuing Recovery Is Welcome But There Is A Very Long Way To Go To Climb Out Of The Hole Caused By The Recession Says GMB

GDP per head is still 5.8% below 2007 levels which is the root cause of average earnings being down 13.8% in real terms since then says GMB.

GMB commented on unemployment figures released today 14th May.

Paul Kenny, GMB General Secretary, said “GMB members welcome the recovery underway but recognize that there is a very long way to go to climb out of the hole caused by the recession. There is a growing recognition that as a result of demographic factors GDP per head is still 5.8% below 2007 levels. See notes to editors for figures

That is the root cause of average earnings being down 13.8% in real terms since then. The pay of the bottom half of the workforce is still being squeezed. Public sector workers pay is being frozen or increasing less than inflation.”

End

Contact: Rehana Azam 07841 181656 or Martin Smith 07974 251 722 or Mick Rix 07971 268343 GMB press office 07921 289880

Notes to editors

Year GDP seasonally Population GDP

per head £ Index % change

Adjusted £m

2007 

 1,552,989 

 61,319,100 

 25,326 

 100 

 

2008

1,541,039

61,823,800

24,926

98.4

 -1.6

2009

1,461,361

62,260,500

23,472

92.7

 -7.3

2010

1,485,616

62,759,500

23,672

93.5

 -6.5

2011

1,502,216

63,285,100

23,737

93.7

 -6.3

2012

1,505,993

63,705,000

23,640

93.3

 -6.7

2013

1,532,431

64,135,000

23,894

94.3

 -5.7

 

Share this page
+1