UK is the fifth-largest economy of the world, after China, Germany, France and the U.S. Its economy growth rate has been on a steady rise with an average rate of 5%, and UK is the second-biggest global economy.


The GDP growth rate is expected to reach 8.5% by 2020


UK’s economy is one of the most developed economies in the whole world with a high standard of living, low unemployment levels and better living standards, which make it among the top 10 richest countries. The country also maintains one of the lowest prices for goods and services compared to other developed nations. This country is ranked 1st in terms of money supply per capita. A number of indicators show that our country is not as prosperous as some other places, but we are doing well compared to all developing nations, and it is showing us some progress while others would not believe.


Here is what you should know about UK economy to know more about this country.

  What Is United Kingdom's Economy?

United Kingdom's economy is known as "British" because it is a part of Europe. This country has a small geographical size like the northern portion of Scotland, but the rest of Britain covers around half an area of 4.4 million square miles. It is a nation that belongs to the British Commonwealth or the European Union (EU). But they are divided into two groups, Eastern and Western, and they are called Great Britain. There is also the Republic of Northern Ireland and Wales too.


The GDP of UK:


The Economic Performance report on the Government of Britain shows that during 2010-2011, the public sector had the following functions: health care and social protection, education, environment, transport and communication, justice and home affairs, defense and national security, housing, food security and economic policy. All these forms of government have huge contributions to the economy.


The key components of our economy include the following figures from the Fiscal Responsibility Committee (FRC):


Official Sector Employment: 17.1 million people


Public Sector Unemployment: 2.3 million people


FRC Expenditure: £2.1 billion

FRC Revenue:£2.4 billion


FRC Gross National Product: £2.8 billion


FRC Direct Taxes: £1.2 billion


FRC Income Tax (% of GDP): 11.9%


FRC VAT (% of GDP): 14.4%


FRC Interest & Dividends on Cash and Marketable Securities (% of UK GDP): 28%


FRC State Assets (Total) (% of UK GDP): 44%


Overall PPP Output Growth:0%


Gross Domestic Produce (GDP):8.7%


GDP Growth Rate (GGR) (Gross Domestic Output/Purchasing Power Parity): 0.0%


Public Investment Spending (% of GDP): 4.4%


GDP Value of Exports (£ of GPD): £1.9bn


UK Macroeconomic Indicators (UK MIA) (UK Official Website)


The Key Figures (UK Macroeconomic Indicators Chart) (UK Bureau of Economic Analysis)


The Key Factors (UK factors chart) (BETA) (Office for Budget Responsibility)


The Key Trends (UK macroeconomic trends chart) (UK COP) (UK Council for Industry and Technology)


The Key Measures (UK measures chart) (UKCSO2)


Key Historical Events Leading To These Numbers (United Kingdom events) (UK History page)


UK Currency Exchange Rates (British Pound (GBP)) (UK Currency Exchange Rate) / GBP = (GBP) / (GBP = €1,042) / (GBP = €1.21)


UK Inflation Rate (%):


UK Inflation rate is not an official source of information. However, it can be seen in several reports, depending on who provides them. For more relevant data, users should go to www.pwc.com and check out the tables on their website. Below is the latest report compiled by PricewaterhouseCoopers.


UK Inflation Rate Yearly Change in % Current Quarterly Increase YoY UK Inflation Rate 3.1% -6.2% April 2016 -6.1% No change July 2017 -7.3% 6.1% Mar 2018 +9.1% 7.9% Jan 2019 +8.2% 9.3% Jun 2019 -7.7% 5.2% Feb 2020 -4.3% 2.3% Jul 2020 -6.3% 10.0% Aug 2020 -7.1% 13.4% May 2021 -1.0% 35.4% Apr 2023 -0.9% 18.1% Sep 2024 -0.0% 12.5% Jul 2024 -0.8% 16.2% Oct 2024 -1.7% 19.0% Sep 2025 -9.0% 25.3% Oct 2624 0.7% 32.9% Jul 2048* -3.5% 7.4% Jul 2722 -3.5% 12.9% Dec 2838 -5.1% 39.3% Jan 2505 -0.9% 33.3% Nov 2407 -4.0% 30.1% Dec 2659 -0.0% 29.1% Jul 2385 5.5% 31.2% Dec 2452 -3.2% 18.4% Jul 1780 -2.0% 17.5% Jul 1749 -1.6% 24.1% Jul 1754 0.5% 22.4% Jul 1578 -1.1% 21.8% Jul 2052 -0.7% 20.0% Jul 1812 2.2% 17.0% Jul 1797 -2.2% 22.3% Jul 1920 -0.7% 5.6% Jul 1924 -0.3% 28.1% Jul 1961 4.9% 5.0% Jul 2064 -0.1% 10.5% Jul 1963 6.5% -2.9% Jul 1965 -4.7% -4.0% Jul 1969 3.5% -1.2% Jul 1971 -7.5% 0.0% Jul 1973 -1.4% -0.7% Jul 1974 -4.7% -0.9% Jul 1977 -0.8% -0.8% Jul 1978 -1.6% -1.3% Jul 1979 -0.9% -0.6% Jul 1981 3.0% -2.5% Jul 1982 -2.6% -0.9% Jul 1983 1.5% -0.9% Jul 1985 0.0% -0.1% Jul 1986 -0.9% -1.5% Jul 1988 -0.7% -0.2% Jul 1989 2.9% -3.3% Jul 1990 -1.1% -4.8% Jul 1991 1.3% -4.6% Jul 1992 1.5% -7.5% Jul 1993 1.1% -9.2% Jul 1994 8.7% -8.0% July 1995 -2.8% -0.4% May 1996 6.1% -1.9% May 1997 -3.0% -2.3% June 1998 -2.4% -1.7% May 1999 6.2% -5.8% May 2000 6.6% -6.4% May 2001 1.4% -4.3% May 2002 -2.5% 9.6% July 2003 9.2% -5.1% August 2004 9.9% -2.8% February 2005 4.3% -11.3% January 2006 21.9% -4.1% October 2007 7.6% -1.8% December 2008 9.2% -8.7% September 2009 21.5% -5.4% November 2010 5.9% -2.7% March 2011 5.7% -1.2% July 2012 1.5% -0.6% January 2013 16.4% -9.2% August 2014 1.8% -5.1% October 2015 19.8% -6.1% August 2016 10.5% -1.0% November 2017 19.7% -6.1% October 2018 26.2% -4.9%


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