Overview: The UK is one of the world's great trading powers and financial centers, and its economy ranks among the four largest in Europe. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with only 1.1% of the labor force. Industry is a mixture of public and private enterprises, employing about 23% of the work force and generating 22% of GNP. The UK is an energy-rich nation with large coal, natural gas, and oil reserves; primary energy production accounts for 12% of GNP, one of the highest shares of any industrial nation. Following the recession of 1979-81, the economy has enjoyed the longest period of continuous economic growth it has had during the last 30 years. During the period 1982-88 real GNP grew by about 22%, while the inflation rate dropped from 14% to 4.9%. Between 1986 and 1988 unemployment fell from 11% to 8%.

GNP: $758.4 billion, per capita $13,329; real growth rate 3.8% (1988)

Inflation rate (consumer prices): 4.9% (1988)

Unemployment rate: 8.1% (1988)

Budget: revenues $335.6 billion; expenditures $320.3 billion, including capital expenditures of $39.1 billion (FY88)

Exports: $130.0 billion (f.o.b., 1988); @m5commodities--manufactured goods, machinery, fuels, chemicals, semifinished goods, transport equipment; @m5partners--EC 48.1% (FRG 11.7%, France 8.5%, Netherlands 7.5%), US 14.2%, Communist countries 2.7%

Imports: $159.1 billion (c.i.f., 1988); @m5commodities--manufactured goods, machinery, semifinished goods, foodstuffs, consumer goods; @m5partners--EC 52.0% (FRG 16.5%, France 8.6%, Netherlands 7.7%), US 10.0%, Communist countries 2.3%

External debt: $NA

Industrial production: growth rate 4.2% (1988)

Electricity: 97,303,000 kW capacity; 344,756 million kWh produced, 6,060 kWh per capita (1988)

Industries: machinery and transportation equipment, metals, food processing, paper and paper products, textiles, chemicals, clothing, other consumer goods, motor vehicles, aircraft, shipbuilding, petroleum, coal

Agriculture: wheat, barley, potatoes, sugar beets, livestock, dairy products; 60% self-sufficient (1988); dependent on imports for more than half of consumption of refined sugar, butter, oils and fats, bacon and ham

Aid: donor--ODA and OOF commitments (1970-86), $17.4 billion

Currency: British pound or pound sterling (plural--pounds); 1 British pound (L) = 100 pence

Exchange rates: British pounds (L) per US$1--0.5631 (January 1989), 0.5614 (1988), 0.6102 (1987), 0.6817 (1986), 0.7714 (1985)

Fiscal year: 1 April-31 March

NOTE: The information regarding United Kingdom on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of United Kingdom Economy 1989 information contained here. All suggestions for corrections of any errors about United Kingdom Economy 1989 should be addressed to the CIA.