What does GDP growth mean to me?

Today the economy grew by 0.6%.

But what does the news mean to you?

UK Gross Domestic Product (GDP) is a measure of the size of a country's economy and is used to indicate the health of that economy.

Growing faster means that the resources, wages, and profits available to the people living in that country's goods and services increase.

These growth figures show that the economy is reaching a turning point.

In October 2022, the Bank of England predicted the longest recession in 100 years, and the Office for Budget Responsibility said the economy would contract by 1.4%.

But that didn't happen. The economy grew last year, is growing again this year, and is expected to grow faster than France, Germany, Italy, and Japan over the next six years.

We have made good progress since October 2022. For example, inflation has fallen to its lowest level in two and a half years.

What is inflation?

Inflation measures changes in the prices of goods and services in an economy. Falling inflation now means prices are rising more slowly.

Now, combined with wages growing faster than prices, the cost of living becomes cheaper because you can buy more with the money you have in your pocket.

Mortgage rates are down from record highs and wages have risen in real terms for the ninth straight month. This shows that our plan for our economy is working.

The progress we've made has allowed us to lower taxes so you can keep more of your money.

We have already cut national insurance tax for employees by a third. This means that people earning the average salary will receive an extra 900 per year in salary.

I think it is unfair for workers to pay both income tax and national insurance when people who earn income from other sources only pay income tax.

This is why we want to keep cutting National Insurance until it disappears.

This is our plan. It's about lowering taxes, lowering inflation, and increasing growth and wages so you can build a better future for you and your family.

Sources 1/ https://Google.com/ 2/ https://www.gov.uk/government/news/what-does-gdp-growth-mean-for-me The mention sources can contact us to remove/changing this article

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