Economy of United Kingdom
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 reserves; primary energy production accounts for 10% of GDP, one of the highest shares of any industrial nation. 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 has enjoyed the longest period of expansion on record; growth has remained in the 2-3% range since 2004, outpacing most of Europe. The economy's strength has complicated the Labor government's efforts to make a case for Britain to join the European Economic and Monetary Union (EMU).
Critics point out that the economy is doing well outside of EMU, and public opinion polls show a majority of Britons are opposed to the euro. The BROWN government has been speeding up the improvement of education, health services, and affordable housing at a cost in higher taxes and a widening public deficit.
GDP
Real Growth Rate
3%
Per Capita
USD 35,300
From Agriculture
1%
From Industry
24%
From Services
76%
Labour Force
Available for Work
31
Working in Agriculture
1%
Working in Industry
18%
Working in Services
80%
Unemployment Rate
5%
Population Below Poverty Line
14%
Inflation Rate
2%
Investment as Percent of GDP
18%
Budget
Revenues
USD 1,155,000 (m)
Expenditures
USD 1,237,000 (m)
Public Debt
US$ 43.00 (m)
Agricultural Products
Core Industries
Exports
Value
USD Unknown (m)
Commodities
Partners
Imports
Value
USD Unknown (m)
Commodities
Partners
External Debt
USD Unknown (m)
Fiscal Year
