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 35.275 million (2023 est.)
Industrial production growth rate 0.14% (2023 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 27.3% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency British pounds (GBP) per US dollar -
Exchange rates 2023 0.805 (2023 est.)
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.)
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 2023 $177.915 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $176.41 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $194.181 billion (2021 est.)
Current account balance
Current account balance 2023 -$110.393 billion (2023 est.)
Current account balance 2022 -$100.436 billion (2022 est.)
Current account balance 2021 -$14.886 billion (2021 est.)
Public debt
Public debt 2022 142.28% of GDP (2022 est.)
Budget
Revenues $998.006 billion (2020 est.)
Expenditures $1.362 trillion (2020 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.12% of GDP (2023 est.)
Remittances 2022 0.13% of GDP (2022 est.)
Remittances 2021 0.11% of GDP (2021 est.)
Household income
Lowest 10% 3% (2021 est.)
Highest 10% 25% (2021 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 2023 $1.116 trillion (2023 est.)
Imports 2022 $1.115 trillion (2022 est.)
Imports 2021 $933.904 billion (2021 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 2023 $1.116 trillion (2023 est.)
Imports 2022 $1.115 trillion (2022 est.)
Imports 2021 $933.904 billion (2021 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) 2023 $3.7 trillion (2023 est.)
Real GDP (purchasing power parity) 2022 $3.696 trillion (2022 est.)
Real GDP (purchasing power parity) 2021 $3.542 trillion (2021 est.)
GDP (official exchange rate) $3.34 trillion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $54,100 (2023 est.)
Real GDP per capita 2022 $54,500 (2022 est.)
Real GDP per capita 2021 $52,800 (2021 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 2023 4.06% (2023 est.)
Unemployment rate 2022 3.73% (2022 est.)
Unemployment rate 2021 4.83% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 12.5% (2023 est.)
Male 14.5% (2023 est.)
Female 10.5% (2023 est.)
All Important Facts about United Kingdom

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United Kingdom is found in Northern Europe