GDP
GDP (Gross Domestic Product) is a vital economic indicator that directly affects the UK jewellery industry’s health. Fluctuations in GDP influence consumer spending, investor confidence, and retail performance—critical factors for jewellers, suppliers, and manufacturers. Jewellery Focus delivers comprehensive coverage on GDP trends, economic forecasts, and their implications for jewellery trade strategies. We analyse how shifts in UK economic growth impact demand, pricing, stocking decisions, and expansion plans, enabling trade professionals to make informed business decisions in changing market conditions.
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Apr- 2022 -11 AprilEconomy
UK GDP slows to 0.1% in February
Gross domestic product (GDP) slowed in the UK as the economy only saw 0.1% growth in February, down from a growth rate of 0.8% in January. According to the Office for National Statistics (ONS), services grew by 0.2% and was the main contributor to February’s growth in GDP, although this…
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Oct- 2021 -27 OctoberEconomy
Chancellor unveils 50% rates discount for Retail, Hospitality and Leisure
Chancellor Rishi Sunak has unveiled a 50% discount on business rates for the hospitality, retail and leisure sectors (up to £110,000), equating to a business tax cut worth £1.7bn, the biggest single-year rates cut for firms in over 30 years. Unveiling his latest Budget in the Commons today (27 October),…
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Sep- 2021 -10 SeptemberEconomy
UK economic growth slows, ONS reveals
UK economic growth slowed down in July, growing by 0.1% compared with 1% in June 2021, according to the latest data by the Office of National Statistics (ONS). With the spread of the Delta variant and the “pingdemic” taking its hold in July, gross domestic product (GDP) still remains 2.1%…
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May- 2021 -12 MayEconomy
UK economy shrinks 1.5% in Q1 despite signs of recovery
The UK economy shrank by 1.5% during the first three months of the year due to the impact of the national lockdown. According to the latest figures by the ONS however, the contraction shows a marked improvement on the first lockdown last year when gross domestic product (GDP) contracted by…
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Sep- 2020 -7 SeptemberEconomy
GDP to contract £15.3bn each year if home working persists
Lower consumer spending and a decrease in economic clustering if pandemic levels of home working persist would reduce UK GDP by £15.3bn every year, according to new research published by PwC. The ‘Big Four’ accountancy firm said the hit to consumption is a result of office workers spending fewer days…
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3 SeptemberAdvice
HMRC and Covid-19: One hand giveth, the other taketh away
One hand giveth HMRC was responsible for overseeing and implementing the Government’s Coronavirus Job Retention Scheme (“CJRS”) and other furlough schemes. Its ensuring that monies were paid under the Government’s various furlough support schemes has been impressive. Although the guidance on who was entitled to monies under the CJRS was…
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Aug- 2020 -26 AugustAdvice
How COVID-19 has impacted global supply chains
The impact of COVID-19 has been swift and devastating to those directly affected. Not just from a health perspective but also for businesses who had to promptly close their doors as the country went into lockdown, particularly those in hospitality and retail. And as we now slowly emerge from these…
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24 AugustEconomy
Record economic growth anticipated for Q3
The UK is reportedly on track for a record economic resurgence during the third quarter of the year, following sharp declines in GDP at the peak of the Covid-19 pandemic in Q2. According to the Financial Times (FT), City of London economists have predicted a 14.3% rise in GDP for…
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12 AugustCurrent Affairs
UK in recession following 20% GDP slump
The UK economy has entered into a technical recession following a “record” fall in gross domestic product (GDP) during the second quarter of the year. According to the Office for National Statistics, GDP slumped by 20.4% between April and June 2020, compared with the 2.2% drop seen during Q1 2020…
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Jun- 2020 -12 JuneCurrent Affairs
UK GDP slumps over 20% in April as full impact of Covid-19 is felt
GDP slumped by 20.4% in April 2020, following a fall of 5.8% in March, according to the latest figures from the Office for National Statistics (ONS). It is the biggest monthly fall since the ONS’ series began in 1997, with the measure also falling by 10.4% in the three months…
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