This section looks at the high level indicators that measure how
successful the UK has been in achieving competitiveness and
delivering prosperity. The key measures are:
- Macroeconomic stability – macroeconomic instability affects
business confidence and can have a negative effect on
investment and long term planning decisions.
- Output per head – GDP – total profits and wages - per head
provides the best measure of overall economic performance.
- Labour productivity – the key determinant of long-term
- Employment rate – a successful and sustainable economy
should have the capacity to generate jobs for the workforce.
- Quality of life – a goal in itself but also a key determinant of
economic performance and an important factor in
- Specialisation – measures of output or trade specialisation
provide a measure of the extent to which the UK is developing
competencies in higher value added, or more productive,