United Kingdom (UK, Great Britain or the British Isles) Economic Statistics and Indicators

20, Sep 2020, EDT. Welcome to the United Kingdom economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.

Economic Indicators For: United Kingdom (UK, Great Britain or the British Isles) › Change country
National or Regional Currency: United Kingdom Pound (Sterling), GBP
Year of data: 2015 › Change year
Number of Indicators Listed: 42
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 63,742,977 (July 2014 est.)
Area: total: 243,610 sq km ; land: 241,930 sq km ; water: 1,680 sq km ; note: includes Rockall and Shetland Islands
Natural Resources: coal, petroleum, natural gas, iron ore, lead, zinc, gold, tin, limestone, salt, clay, chalk, gypsum, potash, silica sand, slate, arable land
Capital: name: London ; geographic coordinates: 51 30 N, 0 05 W ; time difference: UTC 0 (5 hours ahead of Washington, DC, during Standard Time) ; daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October ; note: applies to the United Kingdom proper, not to its overseas dependencies or territories

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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 and the UK became a net importer of energy in 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. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, 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 Britain'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; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.
More on the United Kingdom Economy
More on the United Kingdom Export, Import and Trade

GDP (Constant Prices, National Currency) for United Kingdom in year 2015 is GBP 1,789.05 Billion.

GDP Growth (Constant Prices, National Currency) for United Kingdom in year 2015 is 2.248 %.

GDP (Current Prices, National Currency) for United Kingdom in year 2015 is GBP 1,864.00 Billion.

GDP (Current Prices, US Dollars) for United Kingdom in year 2015 is US$ 2,849.35 Billion.

GDP Deflator for United Kingdom in year 2015 is 104.189 (Index, Base Year as per country's accounts = 100).

GDP Per Capita (Constant Prices, National Currency) for United Kingdom in year 2015 is GBP 27,482.73 .

GDP Per Capita (Current Prices, National Currency) for United Kingdom in year 2015 is GBP 28,634.07 .

GDP Per Capita (Current Prices, US Dollars) for United Kingdom in year 2015 is US$ 43,770.69 .

Output Gap, Percent of Potential GDP for United Kingdom in year 2015 is -0.269 %.

GDP (PPP), US Dollars for United Kingdom in year 2015 is US$ 2,679.33 Billion.

GDP Per Capita (PPP), US Dollars for United Kingdom in year 2015 is US$ 41,158.91 .

GDP Share of World Total (PPP) for United Kingdom in year 2015 is 2.36 %.

Implied PPP Conversion Rate for United Kingdom in year 2015 is 0.696 .

Investment (% of GDP) for United Kingdom in year 2015 is 17.156 %.

Gross National Savings (% of GDP) for United Kingdom in year 2015 is 12.823 %.

Inflation, Average Consumer Prices (Indexed to Year 2000) for United Kingdom in year 2015 is 100.008 (Index, Base Year 2000 = 100).

Inflation (Average Consumer Price Change %) for United Kingdom in year 2015 is 0.05 %.

Inflation, End of Year (Indexed to Year 2000) for United Kingdom in year 2015 is 100.3 (Index, Base Year 2000 = 100).

Inflation (End of Year Change %) for United Kingdom in year 2015 is 0.1 %.

Import Volume of All Items Including Goods and Services (Percent Change) for United Kingdom in year 2015 is 6.213 %.

Import Volumes of Goods Only (Percent Change) for United Kingdom in year 2015 is 6.064 %.

Export Volume of All Items Including Goods and Services (Percent Change) for United Kingdom in year 2015 is 5.04 %.

Export Volumes of Goods Only (Percent Change) for United Kingdom in year 2015 is 6.651 %.

Unemployment Rate (% of Labour Force) for United Kingdom in year 2015 is 5.376 %.

Employment for United Kingdom in year 2015 is 31.19 Million .

Population for United Kingdom in year 2015 is 65.097 Million .

General government revenue (National Currency) for United Kingdom in year 2015 is GBP 666.254 Billions.

General government revenue (% of GDP) for United Kingdom in year 2015 is 35.743 %.

General government total expenditure (National Currency) for United Kingdom in year 2015 is GBP 748.757 Billions.

General government total expenditure (% of GDP) for United Kingdom in year 2015 is 40.169 %.

Total Government Net Lending/ Borrowing (National Currency) for United Kingdom in year 2015 is GBP -82.503 Billions.

Total Government Net Lending/ Borrowing (% of GDP) for United Kingdom in year 2015 is -4.426 %.

General Government Structural Balance (National Currency) for United Kingdom in year 2015 is GBP -77.535 Billion.

General Government Structural Balance (% Potential GDP) for United Kingdom in year 2015 is -4.148 %.

Fiscal Year Gross Domestic Product, Current Prices for United Kingdom in year 2015 is GBP 1,864.00 Billions.

Current Account Balance (US Dollars) for United Kingdom in year 2015 is US$ -123.454 Billion.

Current Account Balance (% GDP) for United Kingdom in year 2015 is -4.333 %.