StatCounter

Monday 17 November 2008

Best placed economy, smallest budget deficit?

So Gordon Brown claims but the evidence is somewhat to the contrary, not that I expect the BBC to alter the agreed narrative. The evidence from Eurostat shows that the UK has the largest trade deficit of all 27 EU countries of €82.2bn for Jan-Aug 2008. What is even more horrendous is the finding that contrary to the government and BBC's look on the bright side of life reports, the devalued pound in not providing a boost for Britain's manufacturers; exports between Jan-Aug 2008 fell by €2bn or 1% compared to Jan-Aug 2007. This is not an EU wide story as in the same period, France recorded 5% growth, Germany 6%, Holland 11%, and even Italy 5%. Only one other EU country saw its exports fall and that was Ireland.

Best placed economy? Does anyone really believe that?

1 comment:

Anonymous said...

Interesting - do you have any explanation?
Maybe it's because of British industry. I mean - where are the traditional British products? Where is the car industry? Electronics? Aviation industry? It's just my subjective feeling, I don't have any data, but I think UK is simply less and less able to compete with the world, no matter of its position...
Best wishes
Jay