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GDP: Can you really blame a wedding or heavy snow?

This weeks financial news is full of worry about the GDP, the Gross Domestic Product, on which a country bases is finances and economy, this is the amount of profit made by a country in any given year. Obviously due to the recent recession and the state of our economy, the UK’s GDP has only grown by 0.2% in the last nine months, and people are quick to back up this small increase with a list of excuses as long as your arm.

The Royal Wedding may have clouded the view. Incredible, as we know for a fact people travelled from around the world to be part of this fantastic ceremony and tourism in London must have risen through that particular month. Unfortunately when events like this and the warm weather appears, the usual trend is for profits to increase, in the case of beer sellers, sales were down 4.5% this year over that particular period.

The Heavy snow fall in winter, yes I can see how this would be troublesome, but maybe this country should invest in machinery which solves problems with snow and ice and is widely used across Europe where winter snow is common place and its not just a sprinkling, its literally 6 foot drifts, yet they still seem to get up and go out to work with no issues.  Only 49% of businesses in the UK have crisis plans in place to deal with situations such as heavy snow. Including the possibility of worker being able to log on at home to continue with work.

Other natural events such as the earthquake in Japan and the Icelandic Volcano ash in 2010, contributed to the lack in the increase in the GDP.

Its always pleasing to hear about new technologies and advancement, but with new technology comes the reduced need for human power, therefore hundreds are being laid off, unemployment is high, what hope do our university goers have? Especially when they’re paying thousands to attend university. Unemployment figures actually rose in April but have fallen again in the last 3 months.

All this said, there is always light at the end of the tunnel, if you have your wits about you and you’re financially minded there are always opportunities around the corner. In a sense things have to get worse before they get better.

 

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