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GDP Per Head Recovers After 7 Years

Friday, January 29, 2016
GDP Per Head In 2015 Recovers And Grows To Be 1% Above The Level Of 2007

Workers will want to see 12% forecasted growth to 2020 translating into pay rises above inflation to make up the lost ground says GMB.

GDP per head in the UK in 2015 has recovered and is now 1% above the level in 2007 before the recession. This follows seven years when GDP per head was below the 2007 level.

Set out in the table below are the latest figures for GDP per head each year since the recession in 2007. The new analysis follows the publication of new data for the final quarter of 2015 on 28th January 2016.

 

Gross Domestic Product: chained volume measures: Seasonally adjusted £m

population

GDP per capita

2007=100

% change since 2007

2007

1,666,821

61,319,100

27,183

100

 

2008

1,659,039

61,823,800

26,835

98.7

-1.3

2009

1,589,493

62,260,500

25,530

93.9

-6.1

2010

1,613,974

62,759,500

25,717

94.6

-5.4

2011

1,645,808

63,285,100

26,006

95.7

-4.3

2012

1,665,213

63,705,000

26,139

96.2

-3.8

2013

1,701,180

64,105,700

26,537

97.6

-2.4

2014

1,749,712

64,596,800

27,087

99.6

-0.4

2015

1,787,821

65,097,000

27,464

101.0

1.0

Paul Kenny, GMB General Secretary, said "It has taken seven years for GDP per head to recover and in 2015 grow 1% above the level of 2007.

In the Comprehensive Spending Review in November George Osborne forecasted GDP growth of 2.4% in 2015, then 2.4% in 2016, 2.5% in 2017, 2.4% in 2018 and 2.3% in 2019 and 2020.

With steady growth each year to 2020 he is predicting that the UK economy would be 12% bigger than it is now.

Average earnings for full time workers in 2015 are now 13.6% down in real terms on the level in 2008 before the recession. Workers will want to see forecasted growth translating into pay rises above inflation to make up the lost ground.”

End

Contact: Kamaljeet Jandu, GMB National Equality and Diversity Officer on 07956 237178 or Martin Smith, GMB National Organiser on 07974 251722 or GMB Press Office 07921 28988.

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