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The UK economy and Tesco's Positioning
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- Sat Mar 21 2009
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... The UK is one of the largest macroeconomys in the world. It is seen to be one of the strongest and most stable economies at the present time, which from the evidence in this discussion seems set to stay for the future. Economic growth The definition of economic growth is an increase in Real GDP (gross domestic product), which is usually calculated annually. Therefore in order to calculate economic growth, GDP, which is the total value of production in an economy, needs to be calculated. There are three ways of doing this, the expenditure method, the income method and the output method. There are small discrepancies between the values of GDP using each method, and so in the UK the official measurement used by the government is an average of all three methods. The below graph shows the economic growth rate since 1980. Figure 1 Source data: IMF, World Economic Outlook Database, September 2006 As














