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United Kingdom Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











United Kingdom Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

Economy - overview:
The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. 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. After 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 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 then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to �?375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

GDP (purchasing power parity):
$2.313 trillion (2012 est.)
country comparison to the world: 9

$2.309 trillion (2011 est.)
$2.283 trillion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.443 trillion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.2% (2012 est.)
country comparison to the world: 174

1.1% (2011 est.)
1.7% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$36,600 (2012 est.)
country comparison to the world: 35

$36,800 (2011 est.)
$36,700 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
11% of GDP (2012 est.)
country comparison to the world: 121

13.7% of GDP (2011 est.)
11.8% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 65.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 21.8%
investment in fixed capital: 14.3%
investment in inventories: 0.3%
exports of goods and services: 31.6%
imports of goods and services: -33.8%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 0.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20.8%
services: 78.5% (2012 est.)

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:
-4% (2012 est.)
country comparison to the world: 169
[see also: Industrial production growth rate country ranks ]

Labor force:
32.07 million (2012 est.)
country comparison to the world: 21
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.4%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.2%
services: 80.4% (2006 est.)

Unemployment rate:
8% (2012 est.)
country comparison to the world: 93

8.1% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
14% (2006 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.5% (1999)

Distribution of family income - Gini index:
40 (FY08/09)
country comparison to the world: 60

34 (2005)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $986.1 billion
[see also: Budget revenues country ranks ]
expenditures: $1.186 trillion (2012 est.)

Taxes and other revenues:
40.4% of GDP (2012 est.)
country comparison to the world: 44
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.2% of GDP (2012 est.)
country comparison to the world: 192
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
88.7% of GDP (2012 est.)
country comparison to the world: 19

84.3% of GDP (2011 est.)
note: data cover general government debt, and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
[see also: Public debt country ranks ]

Fiscal year:
6 April - 5 April

Inflation rate (consumer prices):
2.8% (2012 est.)
country comparison to the world: 83

4.5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.5% (31 December 2012 est.)
country comparison to the world: 138

0.5% (31 December 2011 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.22% (31 December 2012 est.)
country comparison to the world: 167

4.08% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$101.8 billion (31 December 2012 est.)
country comparison to the world: 34

$92.77 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.884 trillion (31 December 2011 est.)
country comparison to the world: 6

$4.116 trillion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.756 trillion (31 December 2012 est.)
country comparison to the world: 6

$3.671 trillion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$ NA (31 December 2011)
country comparison to the world: 5

$3.107 trillion (31 December 2010)
$2.796 trillion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-93.6 billion (2012 est.)
country comparison to the world: 192

$-32.8 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$473 billion (2012 est.)
country comparison to the world: 11

$479.1 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Germany 11.3%, US 10.5%, Netherlands 8.8%, France 7.4%, Ireland 6.2%, Belgium 5.1% (2012)

Imports:
$643.5 billion (2012 est.)
country comparison to the world: 6

$639.9 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Germany 12.6%, China 8%, Netherlands 7.5%, US 6.7%, France 5.4%, Belgium 4.4%, Norway 4% (2012)

Reserves of foreign exchange and gold:
$105.1 billion (31 December 2012 est.)
country comparison to the world: 25

$94.54 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$10.09 trillion (31 December 2012)
country comparison to the world: 3

$9.961 trillion (31 December 2011)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.321 trillion (31 December 2012 est.)
country comparison to the world: 4

$1.185 trillion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.808 trillion (31 December 2012 est.)
country comparison to the world: 2

$1.696 trillion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
British pounds (GBP) per US dollar -

0.6307 (2012 est.)
0.6236 (2011 est.)
0.6472 (2010 est.)
0.6175 (2009)
0.5302 (2008)


NOTE: 1) The information regarding United Kingdom on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United Kingdom Economy 2014 information contained here. All suggestions for corrections of any errors about United Kingdom Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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