I was reading an interesting article in the Sunday Times by the economist, David Smith. He was trying to explain why the GDP growth figures are so poor when employment has risen by 500,000 in the last twelve months and reached record levels. Unemployment is now at the same level as pre the financial crash in 2008.
One answer that he has identified is the impact of the North Sea oil economy. It is...
One answer that he has identified is the impact of the North Sea oil economy. It is...
declining rapidly - in fact it is running at about 20% of where it was in 2009.
However, the real (i.e. non oil) economy is growing strongly.
The net result is that the decline in the North Sea oil economy is having a depressing effect on the overall growth in the UK GDP.
If his analysis is then this is good news - unless you happen to be Scottish and in favour of independence!
However, the real (i.e. non oil) economy is growing strongly.
The net result is that the decline in the North Sea oil economy is having a depressing effect on the overall growth in the UK GDP.
If his analysis is then this is good news - unless you happen to be Scottish and in favour of independence!
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