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2.1 The measurement of macroeconomic performance

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Question 3

Context 1: The logistics and commercial warehousing sector

Extract A

Table 1: Average monthly lease rates for cold-storage commercial warehousing (£ per sq m), selected UK regions, 2017 and 2023

Selected UK regionsAverage monthly lease rate, 2017Average monthly lease rate, 2023
Scotland£15.10£21.20
North West£16.80£22.90
Midlands£17.50£24.10
South East£24.20£33.40
South West£18.50£25.50
UK average£18.00£24.84

Inflation resulted in a basket of goods and services that cost £100 in 2017 costing £120 in 2023. Using this information and the data in Extract A (Table 1), calculate the percentage increase in the average UK cold-storage lease rate, in real terms, between 2017 and 2023.

Give your answer to one decimal place.

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2.1 The measurement of macroeconomic performance Questions

  1. A Level
  2. /Economics
  3. /2.1 The measurement of macroeconomic performance