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Economic performance

From 1981 to 1989 the British economy experienced eight years of sustained growth at an average annual rate of over 3 per cent. Subsequently, Britain, in common with other major industrialised nations, was severely affected by recession. However, the economy has been growing again since 1992. Growth has taken place across a broad front, with a major contribution coming from exports and, more recently, investment. The economic climate in 1995 was also characterised by a revitalised manufacturing sector, coupled with inflation at historically low levels, falling unemploy­ment, low average earnings growth and increased business confidence.

Inflation has declined substantially since the start of the 1990s. The Retail Prices Index (RPI), which records the price of goods and services purchased by households in Britain, was 2.9 per cent higher in January 1996 than a year earlier. Underlying inflation - RPI excluding mortgage interest payments-was 2.8 per cent. It has been below 3 per cent for almost two years, the longest period since the early 1960s.

Gross domestic product (GDP) rose by 3.9 per cent in 1994. The Government forecasts that GDP growth will slow to a more 'sustainable' rate, coming down to 3.25 per cent in 1995 and 2.75 per cent in 1996.

Growth in manufacturing output per head in Britain in the 1980s was faster than in all other leading industrialised countries, increasing by an average of 4.6 per cent a year. In 1994 it grew by 4.8 per cent and productivity in the economy as a whole rose by 3.5 per cent.

Employment is recovering following the recession. Between June 1993 and June 1995 the workforce in employment grew by 381,000 to 25.7 million. The long-term trend has been for a fall in full-time employment and a growth in part-time employment. Self-employment is increasing again, following a decline during the recession. About 3.3 million people are self-employed, 19 per cent more than in 1985. Unemployment has dropped by over 770,000 since the end of 1992. The level of unemployment -7.9 per cent of the workforce (2.2 million people) in January 1996 - is below the EU average. The number of working days lost as a result of industrial disputes in 1994 was the lowest on record.

Зміст

  1. Topic:I am a student ст 4-8

Grammar: verbs: to be, to have; a noun

  1. Topic: Our Academy. ст 9-13

Grammar: Pronouns, adjectives

  1. Topic: We study a foreign language. ст 14-19

  2. Grammar:modal verbs

  3. Topic: Higher education in Ukraine ст 20-21

Grammar: Indefinite tenses (The Present Indefinite Tense)

  1. Topic: Higher education in Great Britain. ст 25-28

Grammar: The Past Indefinite Tense

  1. Topic: Economy of Ukraine. ст 29-33

Grammar: The Continuous Tenses. Participle I.

  1. Topic: British Economy ст 34-38

Grammar: The Perfect Tenses

  1. Topic: US Economy. ст 39-43

Grammar: The Passive Voice

  1. Topic: Why Should We Study Economics? ст 44-47

Grammar: Sequence of Tenses.

10. Topic: My Speciality. ст 48-52

Grammar: Revision of Tenses

11.Additional Reading ст 53-61