Explore
- 🇬🇧 UK
- Social
- Elections
- 🌎 Environment
- Debt
- 🇺🇸USA
- Maps
- 🥇Olympics
- Energy
- Productivity
New ONS data on labour productivity reveal that the average gross value added per worker has increased by £13,000 since 1996.Growth has been concentrated in the top 90th percentile, highlighting the widening gap between top and bottom performers.Wednesday 4th December 2024
Donald Trump has won the U.S. presidential election resoundingly, carrying five swing states, with additional gains in Nevada and Arizona unconfirmed but likely. Trump also became the first Republican nominee to win the popular vote since George W. Bush in 2004.In the coming weeks, the Economics Observatory team will provide analysis on the election results and their implications for the U.S. and world economy.For insights into how Trump’s election may influence the stock market, read Clive Walker’s analysis from earlier this year
Daron Acemoglu, Simon Johnson and James Robinson have been awarded the 2024 Nobel Memorial Prize in Economic Sciences “for studies of how institutions are formed and affect prosperity.”Today’s #ChartOfTheDay recreates and extends a chart from their seminal 2005 paper, showing the divergent economic paths of North and South Korea. The laureates present the case of the two Koreas as a natural experiment between two halves organised in radically different ways - a system of Soviet socialism and a system of private property with government.In 1960, South Korea was one of the world’s poorest countries, with a GDP per capita comparable to that of Liberia or Guatemala. Today, it is a global economic powerhouse, with a per capita income more than 30 times greater than its northern neighbour.
Voter turnout in the 2024 Irish Election is the lowest in over half a century at 59.7%.Despite a public campaign by the Electoral Commission and the registration of 400,000 new voters, the national turnout of 59.71% is a decline of 3.19% since the 2020 election (62.9%).Click on the chart to read our article by Alan de Bromhead, Robin Adams, and Ciarán Casey on Ireland's economy.Monday 2nd December 2024
Today, the ONS released new data, finding that the UK labour share – the proportion of national income going to workers – has shown a marked increase since 1995 compared with other G7 countries.Click on the chart to read Andreas Teichgraeber on why this is not good news for UK workers, due to slow wage growth and rising inequality.#ChartOfTheDay
Last year, UK productivity was 24% lower than if it had continued climbing at its pre-2008 trend. Before the crisis, productivity grew at about 2% per year. Since the crisis, it has grown at just 0.5% per year. Slow productivity growth is hurting families, costing the average UK household £11,500 per year.What can be done to address the challenges facing the UK? Join us today at the Festival of Economics to find out how we can boost Britain’s low productivity. Our expert panel will debate the causes of the UK’s productivity stagnation and consider potential policy solutions. Join us to explore the extent of the challenge and to discover how boosting investment, improving education and training, exploiting technological innovation, and changes in regulation could help address the UK’s productivity puzzle.
In the last two decades, China has come to dominate the world’s steel supply. At the turn of the millennium, 16% of the world’s raw steel came from China. Today, it is a majority.European steel production has been squeezed hardest, making up just 7% today. In the UK, the industry is now on its last legs. With the forthcoming closure of the Port Talbot steelworks, the UK will become the only G7 country unable to make ‘virgin’ steel.Listen to Richard Davies, the director of the Economics Observatory, explore the decline of the industry in the new Radio 4 documentary Steel Dragons.
This week, the ONS published new data on consumer prices, revealing changes in the prices of breakfast staples.Since 1996, the average prices of sliced white bread and eggs have increased by over 150%. Following closely, tomato prices rose by 133% and pork sausages by 124%. In the same period, the average price of bacon has increased by 50% – recent years have been particularly volatile with an 11% rise since 2022. Mushroom prices have remained relatively stable over the last 20 years, falling by 3.1%.Across all items required for a basic Full English breakfast, a general upward trend in prices is evident, consistent with inflationary pressures over time. Periods of particularly notable food inflation were observed during the 2008 Financial Crisis and in 2023. Fortunately for Full English fans, prices have stabilised this year.
Yesterday, the ONS published new data on business demography in the UK, revealing that the construction industry saw the most growth in 2023 with 4,560 new active enterprises.Close behind, the health industry experienced notable expansion, with business births outpacing closures by 4,335.Despite 44,050 new wholesale trade and retail enterprises, the industry as a whole contracted with a net decrease of 3,515. The most significant decline was observed in the transport and storage sector, with a net total of 10,720 firms no longer active.
More than 200 countries and territories are taking part in the Paris Olympics. At the opening ceremony, some countries needed full double-decker boats for their athletes, while others waved their flags from small Murano boats.China (388 athletes) and the USA (594) have large athlete delegations, while France (572), Slovenia (74), New Zealand (212), and Australia (460) have some of the highest athlete-to-population ratios.Despite their large populations, Pakistan (7), Bangladesh (5), and Myanmar (2) have few athletes at the Olympics.Somalia, with over 18 million people, has just one athlete. The Netherlands, with a population almost the same size, has 276 athletes competing.To find out more about the 2024 games, read this Economics Observatory article about home advantage.