The Government and the Bank of England in Running the British Economy Free Essay Example, 1750 words

The service sector contributes to almost 74 percent of the economy is slowing and falling. The construction sector makes up a total of only 6% of the entire GDP of the economy. The Bank of England and the British Chamber of Commerce have forecasted that the economy is facing a very difficult time and the economy is expected to get very rough. The forecasts have been that the employment levels are expected to fall however the recession will not be as bad as the 1990s but the impact of this recession will be felt by the country (BBC, 2008). The last three years have seen a little improvement however this has all been covered by the recession that has started off. The Gross Domestic Product of the country has seen slight growth in 2006 however that has now reduced. According to the National Statistics, the GDP growth during the second quarter was 0.0 however the GDP growth has increased to 1.5% higher than the second quarter of 2007. The production industries saw a fall in output of 0. 7% when compared to the previous quarter of 0.4%. We will write a custom essay sample on The Government and the Bank of England in Running the British Economy or any topic specifically for you Only $17.96 $11.86/page The GDP expenditure deflator, however, saw a rise of almost 2.8% when compared to the second quarter of 2007. The total gross operating surplus saw a fall of 1.0% and now stands at 8.2% higher than the second quarter of 2007(National Statistics, 2008).