World list.
Hugo | 04.06.2014 12:56
Britain is up to fourth in world rich list, with average families now better off than those in France and Japan
UK only lags behind United States, Canada and Germany
It is ahead of Japan, France and Italy, as well as 'BRICS' nations
UK only lags behind United States, Canada and Germany
It is ahead of Japan, France and Italy, as well as 'BRICS' nations
The UK is the fourth richest nation in the world with the average family better off than those in France and Japan, according to official figures yesterday.
Gross domestic product per capita – the total size of the economy divided by every man, woman and child in Britain – was £21,692 in 2012. The measurement was only higher in the United States, Canada and Germany.
This means the UK was ahead of Japan, France and Italy as well as the emerging 'BRIC' economies of Brazil, Russia, India and China. In 1997, the UK was only the sixth wealthiest nation in the world, behind the US, Canada, Japan, Germany and France.
Gross domestic product per capita ¿ the total size of the economy divided by every man, woman and child in Britain ¿ was £21,692 in 2012. The measurement was only higher in the United States, Canada and Germany
Gross domestic product per capita ¿ the total size of the economy divided by every man, woman and child in Britain ¿ was £21,692 in 2012. The measurement was only higher in the United States, Canada and Germany
The report by the Office for National Statistics added that the UK is now one of the best performing economies in the Group of Seven leading industrialised nations.
This follows the slowest recovery since the Second World War. 'Throughout 2013 and in the first quarter of 2014, the UK has moved from having one of the slowest growth rates in the G7 to one of the fastest,' it said.
But it said output in Britain is still 0.6 per cent below its pre-crisis peak, having crashed 7.2 per cent in the 'Great Recession' of 2008 and 2009. Italy is the only other country in the G7 not to have clawed back its losses.
The figures mean the UK was ahead of Japan, France (pictured) and Italy
+2
The figures mean the UK was ahead of Japan, France and Italy
However, the UK looks set to reach that milestone in the current second quarter of the year. Last week, a report by the Confederation of British Industry suggested the British economy is growing at its fastest pace for a decade.
Wages here have also lagged behind the rest of the G7 since 2007, falling 5.1 per cent once inflation is taken into account. However, wage growth is now picking up and inflation has fallen back below the 2 per cent target, easing the squeeze on family finances.
Britain is also set to be the best performing major economy in the developed world this year, according to forecasts from the Bank of England and the International Monetary Fund.
Last year, the recovery was being driven by consumer spending and the revival of the housing market but it is now broadening out into manufacturing and business investment.
This week, a report showed British manufacturers are enjoying one of their best spells for more than two decades with new orders coming in from all over the world.
Meanwhile figures yesterday showed the construction industry, which was hammered in the recession, racked up its 13th consecutive month of growth in May.
The sector's purchasing managers' index of activity – where scores above 50 represent expansion – went from 60.8 in April to a still strong 60 last month.
Tim Moore, senior economist at Markit, the research group behind the survey, said: 'The UK construction sector is enjoying its strongest overall phase of expansion since the summer of 2007. Residential building remains a key engine of growth.'
But the recovery has failed to boost the public purse, with the Government on course to borrow another £95.5billion this year.
The national debt, already at £1.27trillion, is set to hit £1.4trillion this year – or more than £55,000 per household.
In the eurozone, official figures have fuelled fears of a deflationary spiral where firms hit by falling profits cut investment and staff.
Inflation fell from 0.7 per cent in April to 0.5 per cent in May, well below a target of 2 per cent. Unemployment in the eurozone was 11.7 per cent in April, compared to the latest reading of 6.8 per cent in the UK.
Read more:
http://www.dailymail.co.uk/news/article-2647970/Britain-fourth-world-rich-list-average-families-better-France-Japan.html#ixzz33fsrQUBL
Follow us: @MailOnline on Twitter | DailyMail on Facebook
Gross domestic product per capita – the total size of the economy divided by every man, woman and child in Britain – was £21,692 in 2012. The measurement was only higher in the United States, Canada and Germany.
This means the UK was ahead of Japan, France and Italy as well as the emerging 'BRIC' economies of Brazil, Russia, India and China. In 1997, the UK was only the sixth wealthiest nation in the world, behind the US, Canada, Japan, Germany and France.
Gross domestic product per capita ¿ the total size of the economy divided by every man, woman and child in Britain ¿ was £21,692 in 2012. The measurement was only higher in the United States, Canada and Germany
Gross domestic product per capita ¿ the total size of the economy divided by every man, woman and child in Britain ¿ was £21,692 in 2012. The measurement was only higher in the United States, Canada and Germany
The report by the Office for National Statistics added that the UK is now one of the best performing economies in the Group of Seven leading industrialised nations.
This follows the slowest recovery since the Second World War. 'Throughout 2013 and in the first quarter of 2014, the UK has moved from having one of the slowest growth rates in the G7 to one of the fastest,' it said.
But it said output in Britain is still 0.6 per cent below its pre-crisis peak, having crashed 7.2 per cent in the 'Great Recession' of 2008 and 2009. Italy is the only other country in the G7 not to have clawed back its losses.
The figures mean the UK was ahead of Japan, France (pictured) and Italy
+2
The figures mean the UK was ahead of Japan, France and Italy
However, the UK looks set to reach that milestone in the current second quarter of the year. Last week, a report by the Confederation of British Industry suggested the British economy is growing at its fastest pace for a decade.
Wages here have also lagged behind the rest of the G7 since 2007, falling 5.1 per cent once inflation is taken into account. However, wage growth is now picking up and inflation has fallen back below the 2 per cent target, easing the squeeze on family finances.
Britain is also set to be the best performing major economy in the developed world this year, according to forecasts from the Bank of England and the International Monetary Fund.
Last year, the recovery was being driven by consumer spending and the revival of the housing market but it is now broadening out into manufacturing and business investment.
This week, a report showed British manufacturers are enjoying one of their best spells for more than two decades with new orders coming in from all over the world.
Meanwhile figures yesterday showed the construction industry, which was hammered in the recession, racked up its 13th consecutive month of growth in May.
The sector's purchasing managers' index of activity – where scores above 50 represent expansion – went from 60.8 in April to a still strong 60 last month.
Tim Moore, senior economist at Markit, the research group behind the survey, said: 'The UK construction sector is enjoying its strongest overall phase of expansion since the summer of 2007. Residential building remains a key engine of growth.'
But the recovery has failed to boost the public purse, with the Government on course to borrow another £95.5billion this year.
The national debt, already at £1.27trillion, is set to hit £1.4trillion this year – or more than £55,000 per household.
In the eurozone, official figures have fuelled fears of a deflationary spiral where firms hit by falling profits cut investment and staff.
Inflation fell from 0.7 per cent in April to 0.5 per cent in May, well below a target of 2 per cent. Unemployment in the eurozone was 11.7 per cent in April, compared to the latest reading of 6.8 per cent in the UK.
Read more:
http://www.dailymail.co.uk/news/article-2647970/Britain-fourth-world-rich-list-average-families-better-France-Japan.html#ixzz33fsrQUBL Follow us: @MailOnline on Twitter | DailyMail on Facebook
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