Table below shows the descriptive statistics which have been condensed from the data sheet for the period 1987 Q4 to 2011 Q3.
|
|
GDP (%)
|
Real Exchange Rate (Base: Jan 2005=100)
|
Oil price ($/barrel)
|
Inflation (%)
|
Unemployment rate (%)
|
Interest rate (%)
|
|
Mean
|
0.49
|
93.787
|
37.409
|
3.571
|
6.914
|
6.115
|
|
St. Dev.
|
0.64
|
8.064
|
28.809
|
2.138
|
1.705
|
3.604
|
|
Min
|
-2.2
|
77.746
|
11.187
|
-1.367
|
4.6
|
0.5
|
|
Max
|
1.7
|
104.644
|
121.397
|
10.43
|
10.4
|
14.79
|
Table- A table showing the descriptive statistics from the data.
Numerous interesting facts can be observed in the table above. Firstly, the range of oil price over a 24 year period is staggering, highlighting the volatile nature of the commodity. The mean of the oil price is $37.41 per barrel. This is a stark contrast to recent prices of around $120 per barrel (Bloomberg, 2012). The standard deviation for oil is surprising also. It shows that the majority of the oil prices throughout the sample period have been within $29of the mean figure of $37.41 per barrel. This once again emphasises just how high the current price of oil is. Another figure which offers a stark contrast to the current UK economic performance is the interest rate mean. At 6.115 the rate is 5.615 higher than the current level 0.5% (Bank of England, 2012). This illustrates how low the demand for money in the UK is at present. The mean GDP figure shows that across the 24 year period, the UK achieved a mean growth rate of 1.98% annually. This figure will make pleasant reading to the policymakers throughout this period as the target rate of growth for the UK is 2%.