The rate was revised down from 0.5% because the key services sector, which accounts for well over 70% of UK economic activity, grew more slowly than had been thought. In annual terms, growth in the third quarter of the year was revised down to 2.1% from the previous estimate of 2.3%. The UK economy has been growing for 11 consecutive quarters. Questions: Comment on the influence of the services sector on the UK’s long period of economic recession and slow recovery. 2. Explain why a fall in economic growth could lead to a rise in unemployment. Use a diagram to support your answer. 3. An increase in consumer confidence is probably the most important factor in achieving economic growth. Explain one reason why this may be true and one reason why it may not.
The rate was revised down from 0.5% because the key services sector, which accounts for well over 70% of UK economic activity, grew more slowly than had been thought.
In annual terms, growth in the third quarter of the year was revised down to 2.1% from the previous estimate of 2.3%.
The UK economy has been growing for 11 consecutive quarters.
Questions:
- Comment on the influence of the services sector on the UK’s long period of economic recession and slow recovery.
2. Explain why a fall in
3. An increase in consumer confidence is probably the most important factor in achieving economic growth. Explain one reason why this may be true and one reason why it may not.
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