1. Main macroeconomic variables
Figure 1: The gross domestic product (GDP) growth rate and the unemployment rate have generally been falling since the mid-1980s
GDP growth rate and unemployment rate, UK, seasonally adjusted, 1971 to 2018
Source: Office for National Statistics – Gross domestic product growth rate, unemployment rate
Notes:
- In 2008 to 2009, GDP had the largest fall of the period. This reflects the extent of the economic downturn of 2008 to 2009 compared with previous periods of negative economic growth.
- The highest GDP growth rate was experienced in 1973, at 6.5%, and the lowest was experienced in 2009, at -4.2%.
- The unemployment rate was the lowest in 1974, at 3.7%, and the highest in 1984, at 11.8%.
Download this chart Figure 1: The gross domestic product (GDP) growth rate and the unemployment rate have generally been falling since the mid-1980s
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Figure 2: Interest rates and Consumer Prices Index (CPI) inflation have been on a downward trend since 1991
Bank rate and inflation, UK, seasonally adjusted, 1970 to 2018
Source: Office for National Statistics, Bank of England
Notes:
- Economic downturns in 1991 and 2008.
- Inflation was at its peak in 1975, at 22.6%.
- The current period of negative real interest rate is unusual but not unprecedented. This happened in the periods from 1973 to 1977 and from 2009 to 2014.
- In the 1980s the Phillips Curve relationship worked empirically while in the 1990s there was a less apparent trade off.
Download this chart Figure 2: Interest rates and Consumer Prices Index (CPI) inflation have been on a downward trend since 1991
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Figure 3: The balance of trade in goods and services has been in deficit from 1998
Balance of trade in goods and services as a percentage of GDP, UK, 1970 to 2018
Source: Office for National Statistics – BoP: trade in goods and services balance as per cent of GDP
Notes:
- The previous almost cyclical pattern of deficit and surplus has been replaced by 21 years of consistent deficits.
- The balance of trade in goods and services as a percentage of GDP reached the lowest at -4.4% in 1974.
- The balance of trade in goods and services as a percentage of GDP reached its peak in 1981 at 2.6%.
Download this chart Figure 3: The balance of trade in goods and services has been in deficit from 1998
Image .csv .xls2. Output by sector
Figure 4: UK economy has shifted to service-based industries
Industry gross value added (GVA) shares based on successive Standard Industrial Classifications (SICs), UK, 1970 to 2016
Source: Bank of England
Notes:
- In 1970, services accounted for 56% of the UK economy.
- In 2016, services accounted for 80% of the UK economy.
- Figures may not add to 100 due to rounding.
Download this chart Figure 4: UK economy has shifted to service-based industries
Image .csv .xls3. Employment levels by sectors and subsectors
Figure 5: Employment in all service subsectors increased except for public administration and defence
Services sector employment, UK, 1970 to 2016
Source: Bank of England
Notes:
- The total employment in the services sector has shown a gradual increase from 15.4 million in 1970 to 28.9 million in 2016.
- The largest increase in employment within the service sector was in professional scientific and technical services, which nearly tripled from 3.7 million in 1970 to 10.3 million in 2016.
- The total employment in miscellaneous services including hotels and catering has increased by 4.8 million people between 1970 and 2016.
- The total employment in public administration and defence has decreased by 0.5 million.
Download this chart Figure 5: Employment in all service subsectors increased except for public administration and defence
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Figure 6: Overall production sector employment decreased by 65% between 1970 and 2016
Production sector employment, seasonally adjusted, UK, 1970 to 2016
Source: Bank of England
Notes:
- The decrease in employment within the production sector is driven mainly by the manufacturing sector.
- The total number of workers in the production sector declined from 8.6 million in 1970 to 3.0 million in 2016.
Download this chart Figure 6: Overall production sector employment decreased by 65% between 1970 and 2016
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Figure 7: Construction sector employment has increased slightly while there has been a decline in employment within agriculture
Construction and agriculture sector employment, UK, 1970 to 2016
Source: Bank of England
Notes:
- The average employment between 1970 and 2016 for construction was 2.0 million.
- Employment in agriculture has decreased by 240,000 between 1970 and 2016, with the biggest drop of growth being between 1997 and 2000.
Download this chart Figure 7: Construction sector employment has increased slightly while there has been a decline in employment within agriculture
Image .csv .xls4. Employment levels by employment type, gender, sectors and subsectors
Figure 8: The gap between male and female employment has narrowed between 1971 and 2018
Male and female aged 16 to 64 years in employment, seasonally adjusted, UK, 1971 to 2018
Source: Office for National Statistics
Notes:
- Male employment has increased by 1.3 million between 1971 and 2018, while female employment has risen by 5.8 million.
- The gap between male and female employment levels has narrowed from 6.2 million in 1971 to 1.7 million in 2018.
Download this chart Figure 8: The gap between male and female employment has narrowed between 1971 and 2018
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Figure 9: Following the 2008 economic downturn, female self-employment has grown more steeply
Male and female employment by employee and self-employed, UK, 1984 to 2018
Source: Office for National Statistics
Notes:
- Female employment increased faster than that for males between 1984 and 2018.
- Female self-employment also increased faster than that for males between 1984 and 2018.
- Female self-employment increased nearly 150% between 1984 and 2018.
- Self-employment has grown faster than employment in recent years.
Download this chart Figure 9: Following the 2008 economic downturn, female self-employment has grown more steeply
Image .csv .xlsFigure 10: Half of industries have seen an increase in the percentage of females employed since 1996
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Figure 11: Total workforce jobs, employee jobs, and self-employed jobs, by industry and sex
UK, 1996 to 2018
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Notes:
- Women are largely concentrated in the human health and social work activities.
- Men experienced a downward trend in manufacturing and a rising trend in wholesale and retail trade; repair of motor vehicles and motorcycles.
- Self-employed men are largely concentrated in construction.
5. You may also be interested in
Long-term trends in UK employment: 1861 to 2018
Examines the long-term trends in UK employment and provides the historical and legislative context behind some of the trends. Includes analysis by various components, such as industrial sector, sex, full-time and part-time employment, private and public sector employment, as well as employee and self-employed.