GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Interesting critique of George Osborne’s economic policy by Ranjit Sidhu on Left Foot Forward who notes: US GDP growth was revised up for the last quarter of 2011 to +3%, meaning talk of a double-dip recession was receding quickly as the markets now were asking ‘how strong will the US recovery be?’. .css-8h1dth-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-8h1dth-Link:hover,.css-8h1dth-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. The goods traded cover a wide range, but there a few types that stand out: aircraft coming (or flying) into the UK, as well as scientific instruments. VideoArdern's tumultuous three years as NZ PM, Amina is a 'symbol of resilience for Afghanistan' VideoAmina is a 'symbol of resilience for Afghanistan', Project Iceman: Antarctica's first triathlon, Portugal's radical decision to decriminalise all drugs. Economists consider two consecutive quarters of shrinking GDP as the technical definition of a recession. The chart below uses data from the Office for National Statistics (ONS) which suggest the UK exports more to the US than it imports. An alternative – and tougher definition – is a full calendar year of negative output. The Dow is a measure of the performance of 30 large companies listed on US stock exchanges, and it reached record highs at the start of this year. The interconnections are also apparent in the data on foreign direct investment (FDI). The last three years of the Obama administration saw a similar level of growth (2.3%) along with a significantly higher figure (5.5%) in mid-2014. Can a dose of pessimism really send us crashing towards recession? In recent years, the UK economy has been managed in accordance with principles of market liberalisation and low taxation and regulation. Real wages (adjusted for inflation) grew throughout Trump's first three years in office - continuing a steady upward trend which began during the first of President Obama's two terms. Donald Trump's visit: Why is he visiting the UK? President Trump often highlights the rising value of US financial markets as a measure of success - in particular the Dow Jones Industrial Average. Trump thinks he's won over China – he's wrong, US economy market adds 250,000 new jobs in October, Trump invents Obama quote in tweet boasting of economic performance, Five things to consider about the US economy now it's booming, Trump raises a bitter laugh as Britain and America kneecap themselves, Trump administration considers tax cut for the country's super-rich, Five things that could disrupt the smoothness of the global economy, Five things to look out for in the economy as Juncker visits Trump, Save 15% on everything with this ASOS discount code - New customers, 10% off your hotel room booking in the autumn sale at Travelodge UK, 30% saving on the Original Memory Foam mattress at Eve Sleep, Up to 40% off selected restaurants at Just Eat, Use our boohoo discount code to save 15% on dresses & shoes, Up to 30% off local deals with this Groupon discount code, CDKeys Sale! For instance, India’s GDP in US$ is almost 4 times bigger using PPP instead of market exchange rates. The latest breaking news, comment and features from The Independent. Using this method, the size of the UK economy in 2016 was $2,629 billion (all the data in this article is from the International Monetary Fund). The financial crisis of 2007/8 and subsequent economic downturn saw sharp rises in poverty, which only began to decline from around 2015 during the Obama administration, with a growing economy and rising levels of employment. But the financial markets have been remarkably resilient and they've now largely recovered back to near pre-pandemic levels. Since the peak in April, unemployment has fallen back significantly to 7.9% in September.

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