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Reading economic data
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Exam questions often give you a table or graph. Marks come from reading it accurately, spotting the trend and using the figures.
Describe the trend
Look at the overall direction first: rising, falling or staying steady.
Then pick out key points: the highest (peak), the lowest and any sudden changes.
Quote figures with units and years, for example 'it peaked at 9.1% in 2022'.
Then pick out key points: the highest (peak), the lowest and any sudden changes.
Quote figures with units and years, for example 'it peaked at 9.1% in 2022'.
Careful with rates
A falling rate is not the same as a falling level.
In the table, inflation falls from 9.1% to 7.3%: prices are still rising, just more slowly.
The same is true for growth rates: slower growth still means the economy is getting bigger.
In the table, inflation falls from 9.1% to 7.3%: prices are still rising, just more slowly.
The same is true for growth rates: slower growth still means the economy is getting bigger.
Simple calculations
Change = later value − earlier value.
Mean (average) = total ÷ number of values. The mean inflation rate in the table is (2.6 + 9.1 + 7.3 + 3) ÷ 4 = 5.5%.
Mean (average) = total ÷ number of values. The mean inflation rate in the table is (2.6 + 9.1 + 7.3 + 3) ÷ 4 = 5.5%.
Using the table, by how many percentage points did inflation change from 2022 to 2024?
- Later − earlier = 3.0 − 9.1
- = -6.1
Answer: -6.1 percentage points (a fall of 6.1 points)
Describe the overall trend, then key points, quoting figures with units and dates. A falling rate of inflation or growth still means prices or output are rising, just more slowly. Change = later − earlier; mean = total ÷ number.
The interactive lesson includes the diagrams for this topic.
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