IMF............................................WB..............................................CIA
rank/measure.............................rank/measure..............................rank/measure
11/46,099..............................12/44,693..................................13/45,626
Canary Wharf business district in London
| |
| Rank | 6th (nominal) / 8th (PPP) (2nd in Europe) |
|---|---|
| Currency | Pound sterling (GBP) |
| Fiscal year | 6 April – 5 April |
| Trade organisations | European Union, OECD and World Trade Organization |
| Statistics | |
| GDP | $2.38 trillion (PPP, 2012) $2.44 trillion (Nominal, 2012) |
| GDP growth |  Q4 2013: 0.7% (2.8% y/y) 2013: 1.9%[1] |
| GDP per capita | $36,941 (22nd, PPP, 2012) $38,589 (23rd, Nominal, 2012) |
| GDP by sector | Agriculture: 0.7% Construction: 6.3% Production: 15.2% Services: 77.8% (2013 est.) |
| Inflation (CPI) | CPI:  2.0% (December 2013)[2]RPI: 2.7% (December 2013) |
| Base Borrowing Rate | 0.5% |
| Population below poverty line | 16% with household income below 60% of UK median income (2010-11 est.)[3] |
| Gini coefficient |  0.34 (2010-11)[3] |
| Labour force | 30.09 million (November 2013)[4] |
| Labour force by occupation | Agriculture: 1.5% Industry: 18.8% Services: 79.7% (2011 est.)[5] |
| Unemployment | 2.32 million, 7.1% (Q4 2013, Q3 2013: 7.6%)[6] |
| Average gross salary | £2,308 / €2,756 / $3,729 monthly (2011) (9th highest) |
| Average net salary | £1,729 / €2,064 / $2,793 monthly (2011) (6th highest in the world) |
| Main industries | |
| Ease of doing business rank | 10th[7] |
| External | |
| Exports | $481 billion (2012 est.)[8] |
| Export goods | |
| Main export partners |  Germany 11.5%, United States 10.6%, Netherlands 8.9%, France 7.4%, Republic of Ireland 6.0%, Belgium 5.1% (2012) [9] |
| Imports | $646 billion (2012 est.)[8] |
| Import goods | |
| Main import partners | Germany 12.5%, China 8.1%, Netherlands 7.3%, United States 6.8%, France 5.3%, Belgium 4.4% (2012)[10] |
| FDI stock | Inward: $1.321 trillion (2012)(3rd)[11] Outward: $1.808 trillion (2012)(2nd)[12] |
| Current account | -£59.2 billion (2012)[13] |
| Gross external debt |  $9.836 trillion (30 June 2011) (2nd) |
| Net international investment position | -£182 billion / 9.1% GDP (2012) |
| Public finances | |
| Public debt | £1,186 billion (March 2013) (75% GDP)[13] |
| Budget deficit |  +£116.5 billion (2012-2013 FY)[14] |
| Revenues | £592 billion (2012-2013 FY) $996 billion (2012 est. CIA-WFB) |
| Expenses | £682 billion (2012-2013 FY) $1.18 trillion (2012 est. CIA-WFB) |
| Economic aid | $10 billion (2012) (donor) |
| Credit rating | Standard & Poor's:[15] AAA (Domestic) AAA (Foreign) AAA (T&C Assessment) Outlook: Negative[16] Moody's:[17] Aa1 Outlook: Negative Watch Fitch: AA+[18] Outlook: STABLE |
| Foreign reserves | $95.54 billion (31 December 2012, CIA-WFB). |
The United Kingdom has the 6th-largest national economy in the world (and 3rd-largest in Europe) measured by nominal GDP and 8th-largest in the world (and 2nd-largest in Europe) measured bypurchasing power parity (PPP). The UK's GDP per capita is the 22nd-highest in the world in nominal terms and 22nd-highest measured by PPP. In 2012, the UK was the 10th-largest exporter in the world and the 6th-largest importer. In 2012, the UK had the 3rd-largest stock of inward foreign direct investment and the 2nd-largest stock of outward foreign direct investment. The British economy comprises (in descending order of size) the economies of England,Scotland, Wales and Northern Ireland. The UK has one of the world's most globalised economies]One-sixth of the tax revenue comes from VAT (value added tax) from the consumer market of the British Economy.
The service sector dominates the UK economy, contributing around 78% of GDP, with the financial services industry particularly important. London is the world's largest financial centre alongside New York and has the largest city GDP in Europe. The UK aerospace industry is the second- or third-largest national aerospace industry depending on the method of measurement.The pharmaceutical industry plays an important role in the economy and the UK has the third-highest share of global pharmaceutical R&D. Theautomotive industry is also a major employer and exporter. The British economy is boosted by North Sea oil and gas production; its reserves were valued at an estimated £250 billion in 2007. There are significant regional variations in prosperity, with the South East of England and southern Scotland the richest areas per capita.
In the 18th century the UK was the first country toindustrialise and during the 19th century had a dominant role in the global economy. From the late-19th century the Second Industrial Revolution in the United States and Germany presented an increasing economic challenge, and the costs of fighting World War I and World War II further weakened the UK's relative position. However it still maintains a significant role in the world economy, such as in financial services, and theknowledge economy. The UK economy is currently recovering from a recession arising from thefinancial crisis of 2007/08, and GDP remains 1.3% below its pre-recession peak as of Q4 2013; the UK experienced a deeper downturn than all of the G7 except Japan, and has experienced a slower recovery than all but Italy. In 2013, the UK experienced its fastest growth since 2007; it is now the fastest growing major European economy.
Government involvement in the British economy is primarily exercised by HM Treasury, headed by theChancellor of the Exchequer, and the Department for Business, Innovation and Skills. Since 1979 management of the UK economy has followed a broadly laissez-faire approach.The Bank of England is the UK's central bank and itsMonetary Policy Committee is responsible for settinginterest rates. The currency of the UK is the pound sterling, which is also the world's third-largest reserve currency after the U.S. dollar and the euro. The UK is a member of the Commonwealth of Nations, theEuropean Union, the G7, the G8, the G20, theInternational Monetary Fund, the Organisation for Economic Co-operation and Development, the World Bank, the World Trade Organisation and the United Nations.
