United Kingdom

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

United Kingdom - In Short.

Overview of United Kingdom

The United Kingdom has historically played a leading role in developing parliamentary democracy and in advancing literature and science. At its zenith in the 19th century, the British Empire stretched over one-fourth of the earth’s surface. The first half of the 20th century saw two World Wars seriously deplete the UK’s strength and the Irish Republic withdraw from the union. The second half witnessed the dismantling of the Empire and the UK rebuilding itself into a modern and prosperous European nation. As one of five permanent members of the UN Security Council and a founding member of NATO and the Commonwealth of Nations, the UK pursues a global approach to foreign policy. The Scottish Parliament, the National Assembly for Wales, and the Northern Ireland Assembly were established in 1998. The UK was an active member of the EU after its accession in 1973, although it chose to remain outside the Economic and Monetary Union. However, motivated in part by frustration at a remote bureaucracy in Brussels and massive migration into the country, UK citizens on 23 June 2016 voted by 52 to 48 percent to leave the EU. The UK became the first country to depart the EU on 31 January 2020, after prolonged negotiations on EU-UK economic and security relationships had been hammered out.
Value
Country Full Name
United Kingdom
Country Code
GBR
Region
Europe & Central Asia
Income Group
High income
Currency Unit
GDP
2.76E+12
Population
67215293
Land Area
241930
Net National Income Per Capita
GDP per Capita (PPP)
46482.86224

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

United Kingdom - Economic

Economy of United Kingdom

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. 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; the UK has been a net importer of energy since 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded the UK’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. Facing burgeoning public deficits and debt levels, in 2010 the then CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which has continued under the Conservative government. However, the deficit still remains one of the highest in the G7, standing at 3.6% of GDP as of 2017, and the UK has pledged to lower its corporation tax from 20% to 17% by 2020. The UK had a debt burden of 90.4% GDP at the end of 2017. The UK economy has begun to slow since the referendum vote to leave the EU in June 2016. A sustained depreciation of the British pound has increased consumer and producer prices, weighing on consumer spending without spurring a meaningful increase in exports. The UK has an extensive trade relationship with other EU members through its single market membership, and economic observers have warned the exit will jeopardize its position as the central location for European financial services. The UK is slated to leave the EU at the end of January 2020.

Unemployment Rate

Inflation Rate

United Kingdom - GDP Composition

GDP Composiiton & Value Added of United Kingdom

Last Updated: Jan, 2021, Updated For 2020.

United Kingdom - GDP, Value Added

Demographics of United Kingdom

the core of the population lies in and around London, with significant clusters found in central Britain around Manchester and Liverpool, in the Scotish lowlands between Endinburgh and Glasgow, southern Wales in and around Cardiff, and far eastern Northern Ireland centered on Belfast
Geographic Location

Western Europe, islands - including the northern one-sixth of the island of Ireland - between the North Atlantic Ocean and the North Sea; northwest of France

Races

White 87.2%, Black/African/Caribbean/black British 3%, Asian/Asian British: Indian 2.3%, Asian/Asian British: Pakistani 1.9%, mixed 2%, other 3.7% (2011 est.)

Languages

Englishnote: the following are recognized regional languages: Scots (about 30% of the population of Scotland), Scottish Gaelic (about 60,000 speakers in Scotland), Welsh (about 20% of the population of Wales), Irish (about 10% of the population of Northern Ireland), Cornish (some 2,000 to 3,000 people in Cornwall) (2012 est.)

Religion

Christian (includes Anglican, Roman Catholic, Presbyterian, Methodist) 59.5%, Muslim 4.4%, Hindu 1.3%, other 2%, unspecified 7.2%, none 25.7% (2011 est.)

Dependency & Expectancy of United Kingdom

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

Politics & Policies of United Kingdom

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB (nonregional member), AfDB (nonregional member), Arctic Council (observer), Australia Group, BIS, C, CBSS (observer), CD, CDB, CE, CERN, EAPC, EBRD, ECB, EIB, EITI (implementing country), ESA, EU, FAO, FATF, G-5, G-7, G-8, G-10, G-20, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, MONUSCO, NATO, NEA, NSG, OAS (observer), OECD, OPCW, OSCE, Pacific Alliance (observer), Paris Club, PCA, PIF (partner), SELEC (observer), SICA (observer), UN, UNCTAD, UNESCO, UNFICYP, UNHCR, UNMISS, UNRWA, UN Security Council (permanent), UPU, WCO, WHO, WIPO, WMO, WTO, ZC

Import of United Kingdom

Export of United Kingdom

Import Destination

Export Destination