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.) |
| 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 | $1.136 trillion (2022 est.) |
| Expenditures | $1.291 trillion (2022 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 | 8.5% of household expenditures (2022 est.) |
| On alcohol and tobacco | 3.4% of household expenditures (2022 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% (2023 est.) |
| Industry | 16.9% (2023 est.) |
| Services | 72.8% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 61.8% (2023 est.) |
| Government consumption | 20.7% (2023 est.) |
| Investment in fixed capital | 18.3% (2023 est.) |
| Investment in inventories | -0.5% (2023 est.) |
| Exports of goods and services | 32.2% (2023 est.) |
| Imports of goods and services | -33.4% (2023 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
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