Results |
The
indicators identified in the analysis of the productivity drivers all contribute
to economic success. However,
performance ultimately needs to be judged by results.
This section looks at indicators that measure how successful the UK has
been in terms of achieving competitiveness in the knowledge driven economy:
·
Macroeconomic stability – macroeconomic
instability
affects business confidence and can have a negative
effect on
investment and long term planning decisions.
·
Output per head – the best measure of
overall economic
performance.
·
Labour
productivity – the most
important determinant
of prosperity.
·
Employment – a successful and
sustainable economy
should be able to provide employment for its workforce.
·
Trade specialisation – the UK’s
trade performance can
indicate the extent to
which we are specialising in
knowledge intensive activities.
·
Composition of output – analysis of how
the structure
of the UK economy is changing shows the extent to
which the increased use and importance of knowledge is
being reflected
across the economy as a whole.
·
Quality of life – a goal in itself but
also a key
determinant of
economic performance in a globalised
economy where
attracting key knowledge
workers is an
important factor in competitiveness.
Last updated on 20 November 2003