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economics

on the uk economy
source: The Economist, note access by subscription only

“ Today, the mood is very different. British officials proudly cite the latest OECD figures showing that Britain now has higher GDP per head than France, Germany and Italy—whether the calculations are made on current exchange rates or by purchasing-power parity (PPP). (The 2002 PPP figures were: Britain $28,000, France $27,200, Germany $25,900 and Italy $25,600.) And, as Britain is continuing to grow faster than the euro area, the gap can only be widening. Indeed, Oxford Economic Forecasting, a consultancy, projects that, on current economic and demographic trends, the British economy will by 2030 be the biggest in Europe, edging out a more populous Germany. A lot can change in 25 years, as events since Sir Nicholas's gloomy dispatch demonstrate. But that such calculations are even being made illustrates the new spring in Britain's step. ”

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