United Kingdom (UK) GDP

About UK GDP
As per statistics of 2007, UK GDP with respect to purchasing power parity was about $2.13 trillion and according to official exchange rate, GDP UK was $2.773 trillion. Real growth rate of GDP United Kingdom in 2007 was 3.1 percent. Per capita gross domestic product of United Kingdom with regard to purchasing power parity in financial year 2007 was $35,000.

Composition of UK GDP
As per data of financial year 2007, 0.9 percent of United Kingdom’s GDP is made up of agriculture sector and 23.4 percent is made up of industrial sector. Services sector of United Kingdom contributed 75.7 percent of gross domestic product in financial year 2007.

Status of United Kingdom GDP
In financial year 2007, per capita gross domestic product of United Kingdom with regard to purchasing power parity was 22nd highest among figures for all countries. As per statistics of that same period, per capita gross domestic product of United Kingdom was ninth best in European Union. It was placed after countries like Luxembourg, Denmark, Sweden, Ireland, Belgium, Netherlands, Finland and Austria.

UK GDP growth
In financial year 2007, it was reported that gross domestic product of United Kingdom had grown by 3.1 percent. This has been more than expectations as it was predicted that gross domestic product would grow at 3 percent. As far as 2008 fiscal is concerned, it had been predicted that rate of growth would be lesser than before. It was also predicted that it would vary between 2 percent and 2.5 percent. However, projections for financial year 2009-10 are better. Growth rates between 2.5 percent and 3 percent have been predicted.

International Monetary Fund had predicted on October, 2007 that UK GDP would grow at a rate of 3.1 percent in 2007 fiscal and by 2.3 percent in 2008 fiscal. Growth of gross domestic product came down in second quarter of financial year 2008. As far as further predictions go, in last two quarters of 2008 fiscal there would be some amount of contraction.