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BUSINESS ECONOMICS
INTRODUCTION
a. Critically assessing current performance of UK in comparison to past years
The UK economy grew by 1.9% in 2013, marking its strongest growth since 2007, as reported by the Office for National Statistics. However, GDP growth slowed to 0.7% in the fourth quarter, down from 0.8% in the previous one, with overall economic output still 1.3% below the first quarter of 2008. The manufacturing and service sectors were key contributors to the 0.7% growth in the fourth quarter, bringing the annual growth rate to its highest point since before the 2007 financial crisis (Shepherd, Munoz Torres, and Saridakis, 2019). This analysis reviews the performance of the manufacturing sector over the last decade, comparing its best and worst periods to identify key factors behind these trends. The economy grew steadily in each quarter of the previous year, offering a boost for the Chancellor, who cited this as proof that his economic policies were working. The 0.7% growth in GDP signals increased economic security for workers and reflects the UK's long-term plans to ensure future prosperity. This rise in GDP is seen as further evidence of the success of the government's economic strategy, leading to more job opportunities and sustained growth.
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