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United Kingdom Economy 2010
https://workmall.com/wfb2010/united_kingdom/united_kingdom_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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United Kingdom Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2010

Economy - overview:
The UK, a leading trading power and financial center, is one of the quintet of trillion dollar economies of Western Europe. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. Since emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the BROWN government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Public finances, weak before the economic slowdown, deteriorated markedly during 2009, as did employment. The Bank of England periodically coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

GDP (purchasing power parity):
$2.165 trillion (2009 est.)

$2.262 trillion (2008 est.)
$2.247 trillion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$2.198 trillion (2009 est.)

GDP - real growth rate:
-4.3% (2009 est.)

0.7% (2008 est.)
2.6% (2007 est.)

GDP - per capita (PPP):
$35,400 (2009 est.)

$37,100 (2008 est.)
$37,000 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 1.2%
industry: 23.8%
services: 75% (2009 est.)

Labor force:
31.25 million (2009 est.)

Labor force - by occupation:
agriculture: 1.4%
industry: 18.2%
services: 80.4% (2006 est.)

Unemployment rate:
8% (2009 est.)

5.642% (2008 est.)

Population below poverty line:
14% (2006 est.)

Household income or consumption by percentage share:
lowest 10%: 2.1%
highest 10%: 28.5% (1999)

Distribution of family income - Gini index:
34 (2005)

36.8 (1999)

Investment (gross fixed):
15% of GDP (2009 est.)

Budget:
revenues: $819.9 billion
expenditures: $1.132 trillion (2009 est.)

Public debt:
68.5% of GDP (2009 est.)

51.8% of GDP (2008 est.)

Inflation rate (consumer prices):
2.1% (2009 est.)

3.6% (2008 est.)

Central bank discount rate:
0.86% (31 December 2008)

Commercial bank prime lending rate:
4.63% (31 December 2008)

5.52% (31 December 2007)

Stock of money:
$NA (31 December 2008)

Stock of quasi money:
$NA (31 December 2008)

Stock of domestic credit:
$NA (31 December 2008)

$5.277 trillion (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)

$3.859 trillion (31 December 2007)
$3.794 trillion (31 December 2006)

Agriculture - products:
cereals, oilseed, potatoes, vegetables; cattle, sheep, poultry; fish

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

Industrial production growth rate:
-9.4% (2009 est.)

Electricity - production:
368.6 billion kWh (2007 est.)

Electricity - consumption:
345.8 billion kWh (2007 est.)

Electricity - exports:
1.272 billion kWh (2008 est.)

Electricity - imports:
12.29 billion kWh (2008 est.)

Oil - production:
1.584 million bbl/day (2008 est.)

Oil - consumption:
1.71 million bbl/day (2008 est.)

Oil - exports:
1.602 million bbl/day (2008 est.)

Oil - imports:
1.651 million bbl/day (2008 est.)

Oil - proved reserves:
3.41 billion bbl (1 January 2009 est.)

Natural gas - production:
69.9 billion cu m (2008 est.)

Natural gas - consumption:
95.94 billion cu m (2008 est.)

Natural gas - exports:
10.5 billion cu m (2008 est.)

Natural gas - imports:
36.54 billion cu m (2008 est.)

Natural gas - proved reserves:
342.9 billion cu m (1 January 2009 est.)

Current account balance:
$-32.37 billion (2009 est.)

$-45.68 billion (2008 est.)

Exports:
$351.3 billion (2009 est.)

$466.3 billion (2008 est.)

Exports - commodities:
manufactured goods, fuels, chemicals; food, beverages, tobacco

Exports - partners:
US 13.8%, Germany 11.5%, Netherlands 7.8%, France 7.6%, Ireland 7.5%, Belgium 5.3%, Spain 4.1% (2008)

Imports:
$473.6 billion (2009 est.)

$639.3 billion (2008 est.)

Imports - commodities:
manufactured goods, machinery, fuels; foodstuffs

Imports - partners:
Germany 13.1%, US 8.7%, China 7.5%, Netherlands 7.4%, France 6.8%, Norway 6%, Belgium 4.7%, Italy 4.1% (2008)

Reserves of foreign exchange and gold:
$NA (31 December 2009 est.)

$52.98 billion (31 December 2008 est.)

Debt - external:
$9.088 trillion (30 June 2009 est.)

$9.041 trillion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$1.025 trillion (31 December 2009 est.)

$1.445 trillion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$1.634 trillion (31 December 2009 est.)

$1.567 trillion (31 December 2008 est.)

Exchange rates:
British pounds (GBP) per US dollar - 0.6494 (2009), 0.5302 (2008), 0.4993 (2007), 0.5418 (2006), 0.5493 (2005)


NOTE: The information regarding United Kingdom on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United Kingdom Economy 2010 information contained here. All suggestions for corrections of any errors about United Kingdom Economy 2010 should be addressed to the CIA.






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