Is the UK Economy in a Worse Position Now Than it was Twelve Months Ago?

There are a few factors that have to be taken into consideration when assessing how well an economy is doing. These factors are called economic indicators. The economic indicators that I shall be using to gauge how well the UK's economy is faring are inflation (both RPI and CPI), unemployment rates, balance of payments and economic growth. I shall begin by evaluating inflation. RPI Inflation in July 2004 was 3%, whereas in July 2005, it was 2.4%. The upward …

…growth of the United Kingdom. Inflation suggested that the economy is doing worse this year, as would economic growth. However, unemployment rates suggest that the economy is in a similar position to twelve months ago, and balance of payments suggests that the economy is doing better. So, with all economic indicators taken into consideration, I have to say that the UK's economy is now in a worse position to what it was twelve months ago.