United Kingdom - Economy
How is the economy of United Kingdom? Based on the information we have, United Kingdom has a high-income, diversified, non-EU European economy; global financial center and dominant service sector; sluggish growth from stringent monetary policy, reduced business investment, low productivity and participation rates, and post-Brexit trade frictions; fiscal austerity in face of high public debt . Key agricultural products in this country include: milk, wheat, barley, sugar beets, potatoes, chicken, rapeseed, oats, pork, beef (2022).
More about the economy of United Kingdom
| Labor force | 34.376 million (2022 est.) |
|---|---|
| Industrial production growth rate | -0.95% (2022 est.) |
| Industries | machine tools, electric power equipment, automation equipment, railroad equipment, shipbuilding, aircraft, motor vehicles and parts, electronics and communications equipment, metals, chemicals, coal, petroleum, paper and paper products, food processing, textiles, clothing, other consumer goods |
| Population below poverty line | 18.6% (2017 est.) |
| Taxes and other revenues | 26.22% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | British pounds (GBP) per US dollar - |
| Exchange rates 2022 | 0.811 (2022 est.) |
| Exchange rates 2021 | 0.727 (2021 est.) |
| Exchange rates 2020 | 0.78 (2020 est.) |
| Exchange rates 2019 | 0.783 (2019 est.) |
| Exchange rates 2018 | 0.75 (2018 est.) |
| Debt - external | |
| Debt - external 2019 | $8.722 trillion (2019 est.) |
| Debt - external 2018 | $8.697 trillion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $176.41 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $194.181 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $180.054 billion (2020 est.) |
| Current account balance | |
| Current account balance 2022 | -$101.738 billion (2022 est.) |
| Current account balance 2021 | -$14.886 billion (2021 est.) |
| Current account balance 2020 | -$78.217 billion (2020 est.) |
| Public debt | |
| Public debt 2021 | 185.35% of GDP (2021 est.) |
| Public debt 2020 | 195.88% of GDP (2020 est.) |
| Public debt 2019 | 160.34% of GDP (2019 est.) |
| Budget | |
| Revenues | $998.006 billion (2020 est.) |
| Expenditures | $1.362 trillion (2020 est.) |
| Budget surplus (+) or deficit (-) | -1.9% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2022 | 0.13% of GDP (2022 est.) |
| Remittances 2021 | 0.11% of GDP (2021 est.) |
| Remittances 2020 | 0.12% of GDP (2020 est.) |
| Household income | |
| Lowest 10% | 3% |
| Highest 10% | 25% (2020 est.) |
| Average household expenditures | |
| On food | 8.7% of household expenditures (2021 est.) |
| On alcohol and tobacco | 4% of household expenditures (2021 est.) |
| Imports | |
| Imports 2022 | $1.112 trillion (2022 est.) |
| Imports 2021 | $933.904 billion (2021 est.) |
| Imports 2020 | $786.95 billion (2020 est.) |
| Imports (partners) | China 12%, Germany 10%, US 10%, Norway 8%, Netherlands 5% (2022) |
| Comodities Imports force | natural gas, cars, crude petroleum, gold, garments (2022) |
| Exports | |
| Imports 2022 | $1.112 trillion (2022 est.) |
| Imports 2021 | $933.904 billion (2021 est.) |
| Imports 2020 | $786.95 billion (2020 est.) |
| Exports (partners) | US 13%, Netherlands 9%, Germany 9%, China 8%, Ireland 7% (2022) |
| Comodities Exports force | gold, cars, gas turbines, crude petroleum, packaged medicine (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $3.187 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $3.054 trillion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $2.81 trillion (2020 est.) |
| GDP (official exchange rate) | $3.089 trillion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $47,600 (2022 est.) |
| Real GDP per capita 2021 | $45,600 (2021 est.) |
| Real GDP per capita 2020 | $41,900 (2020 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.7% (2017 est.) |
| Industry | 20.2% (2017 est.) |
| Services | 79.2% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 65.8% (2017 est.) |
| Government consumption | 18.3% (2017 est.) |
| Investment in fixed capital | 17.2% (2017 est.) |
| Investment in inventories | 0.2% (2017 est.) |
| Exports of goods and services | 30.2% (2017 est.) |
| Imports of goods and services | -31.5% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2022 | 3.73% (2022 est.) |
| Unemployment rate 2021 | 4.83% (2021 est.) |
| Unemployment rate 2020 | 4.47% (2020 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 13.2% (2021 est.) |
| Male | 14.6% |
| Female | 11.8% |
All Important Facts about United Kingdom
Want to know more about United Kingdom? Check all different factbooks for United Kingdom below.
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United Kingdom Factbook
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The Economy of United Kingdom
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Learn about the Government of United Kingdom
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Communication in United Kingdom
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Popular Universities in United Kingdom
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Enerny in United Kingdom
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Transport in United Kingdom
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The Geography and society of United Kingdom
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The Environment of United Kingdom
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Military and security in United Kingdom