Interpreting UK Growth Charts Flashcards

1️⃣ Familiarise yourself with the flashcards:

Look through all the flashcards to see what's on both sides.
Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

Look at the question or prompt on each card and try to remember the answer before flipping it over.
Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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What does GDP stand for?

Gross Domestic Product.

It shows how fast the UK economy is growing or shrinking over time, as a percentage change.

Real removes inflation; nominal includes it.

Look at labels. 'Quarter on quarter (QoQ)' means change from the last quarter. 'Year on year (YoY)' means change from the same quarter a year ago.

The economy shrank. Output fell in that period.

When quarterly GDP falls for two quarters in a row.

2019 is the base year. 100 is the 2019 level. 105 means 5% above 2019; 95 means 5% below.

Use (new − old) / old x 100. Example: from 100 to 103 is 3%.

Regular seasonal effects (like Christmas) are removed so quarters are easier to compare.

It shows growth per person. It removes the effect of population change.

Check the y-axis. Percent (%) means growth rate. Pounds (£) or index values usually show the level.

To smooth short-term ups and downs and show the underlying direction of growth.