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United Kingdom Economy 1996
The UK is one of the world's great trading powers and financial centers, and
its economy ranks among the four largest in Western Europe. The economy is
essentially capitalistic; over the past 13 years the ruling Tories have
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 only 1% of the
labor force. The UK has large coal, natural gas, and oil reserves, and
primary energy production accounts for 12% 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, now employing only 25% of the
work force and generating only 21% of GDP. The economy registered 4.2% GDP
growth in 1994, its fastest annual rate for six years. Exports and
manufacturing output are the primary engines of growth. Unemployment is
gradually falling. Inflation is at the lowest level in 27 years, but British
monetary authorities raised interest rates to 6.25% in 1994 in a preemptive
strike on emerging inflationary pressures such as higher taxes and rising
manufacturing costs. The combination of a buoyant economy and fiscal
tightening is projected to trim the FY94/95 budget shortfall to about $50
billion - down from about $75 billion in FY93/94. The major economic policy
question for Britain in the 1990s is the terms on which it participates in
the financial and economic integration of Europe.
GDP - purchasing power parity - $1.0452 trillion (1994 est.)
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National product real growth rate:
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National product per capita:
-
Inflation rate (consumer prices):
$400.9 billion, including capital expenditures of $33 billion (FY93/94 est.)
$200 billion (f.o.b., 1994 est.)
manufactured goods, machinery, fuels, chemicals, semifinished goods,
transport equipment
EU countries 56.7% (Germany 14.0%, France 11.1%, Netherlands 7.9%), US 10.9%
$215 billion (c.i.f., 1994 est.)
manufactured goods, machinery, semifinished goods, foodstuffs, consumer
goods
EU countries 51.7% (Germany 14.9%, France 9.3%, Netherlands 8.4%), US 11.6%
$16.2 billion (June 1992)
production machinery including machine tools, electric power equipment,
automation equipment, railroad equipment, shipbuilding, aircraft, motor
vehicles and parts, electronics and communications equipment, metals,
chemicals, coal, petroleum, paper and paper products, food processing,
textiles, clothing, and other consumer goods
accounts for only 1.5% of GDP; wide variety of crops and livestock products
gateway country for Latin American cocaine entering the European market;
producer of synthetic drugs; transshipment point for Southwest Asian heroin;
money-laundering center
ODA and OOF commitments (1992-93), $3.2 billion
1 British pound (#) = 100 pence
British pounds (#) per US$1 - 0.6350 (January 1995), 0.6529 (1994), 0.6033
(1993), 0.5664 (1992), 0.5652 (1991), 0.5603 (1990)
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