Why are UK Imports so Cyclical?

6 Pages Posted: 28 Apr 2005

See all articles by Valerie Herzberg

Valerie Herzberg

Bank of England

Maria Sebastia-Barriel

Bank of England - Structural Economic Analysis Division

Simon Whitaker

Bank of England - Monetary Analysis

Abstract

The recent economic slowdown in the United Kingdom has been characterised by declines in business investment and exports. The impact on domestic output has been alleviated by robust household spending, but also by a sharp decline in imports of goods and services. This article shows that these divergent trends in the components of demand, and differences in their import content, can help explain the weakness in imports during 2001. More generally, close attention to the relative contribution of the components to aggregate demand can help explain fluctuations in imports. The analysis has been aided by the recent publication of updated information from the ONS on the import content of different expenditure categories.

Suggested Citation

Herzberg, Valerie and Sebastia-Barriel, Maria and Whitaker, Simon, Why are UK Imports so Cyclical?. Bank of England Quarterly Bulletin, Summer 2002. Available at SSRN: https://ssrn.com/abstract=708284

Valerie Herzberg (Contact Author)

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Maria Sebastia-Barriel

Bank of England - Structural Economic Analysis Division

Threadneedle Street
London, EC2R 8AH
United Kingdom

Simon Whitaker

Bank of England - Monetary Analysis ( email )

Threadneedle Street
London EC2R 8AH
United Kingdom

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