Economy - overview:
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 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which has continued under the new Conservative majority government. However, the deficit still remains one of the highest in the G7, standing at 5.1% of GDP as of mid-2015. London intends to eliminate its deficit by 2020, primarily through additional cuts to public spending and welfare benefits. It has also pledged to lower its corporation tax from 20% to 18% by 2020.In 2012, weak consumer spending and subdued business investment weighed on the economy, however, GDP grew 1.7% in 2013 and 2.8% in 2014, accelerating because of greater consumer spending and a recovering housing market. As of late 2015, the Bank of England is examining when to begin raising interest rates from historically low levels while being cautious not to damage economic growth. While the UK is one of the fastest growing economies in the G7, economists are concerned about the potential negative impact if the UK votes to leave the EU. The UK has an extensive trade relationship with other EU members through its access to the single market and economic observers have warned an exit could jeopardize its position as the central location for European financial services.

GDP (purchasing power parity):
$2.788 trillion (2016 est.) $2.737 trillion (2015 est.) $2.677 trillion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 10
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.65 trillion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.8% (2016 est.) 2.2% (2015 est.) 3.1% (2014 est.)
country comparison to the world: 141
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$42,500 (2016 est.) $42,000 (2015 est.) $41,400 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 37
[see also: GDP - per capita country ranks ]

Gross national saving:
11.4% of GDP (2016 est.) 11.9% of GDP (2015 est.) 12.7% of GDP (2014 est.)
country comparison to the world: 146
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 65.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 17.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 28.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -31.6% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 80.2% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
cereals, oilseed, potatoes, vegetables; cattle, sheep, poultry; fish

Industries:
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, t

Industrial production growth rate:
0.3% (2016 est.)
country comparison to the world: 169
[see also: Industrial production growth rate country ranks ]

Labor force:
33.17 million (2016 est.)
country comparison to the world: 19
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 15.2%
[see also: Labor force - by occupation - industry country ranks ]
services: 83.5% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.1% (2016 est.) 5.4% (2015 est.)
country comparison to the world: 54
[see also: Unemployment rate country ranks ]

Population below poverty line:
15% (2013 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 31.1% (2012)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
32.4 (2012) 33.4 (2010)
country comparison to the world: 107
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $996.3 billion
[see also: Budget revenues country ranks ]
expenditures: $1.097 trillion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
37.6% of GDP (2016 est.)
country comparison to the world: 47
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.8% of GDP (2016 est.)
country comparison to the world: 128
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
92.2% of GDP (2016 est.) 89% of GDP (2015 est.)
note: data cover general government debt, and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as in
country comparison to the world: 20
[see also: Public debt country ranks ]

Fiscal year:
6 April - 5 April

Inflation rate (consumer prices):
0.5% (2016 est.) 0% (2015 est.)
country comparison to the world: 52
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.5% (31 December 2014) 0.5% (31 December 2013)
country comparison to the world: 127
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.6% (31 December 2016 est.) 4.51% (31 December 2015 est.)
country comparison to the world: 147
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$95.88 billion (31 December 2016 est.) $106.7 billion (31 December 2015 est.)
country comparison to the world: 37
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.669 trillion (31 December 2014 est.) $3.491 trillion (31 December 2013 est.)
country comparison to the world: 6
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.704 trillion (31 December 2016 est.) $3.195 trillion (31 December 2015 est.)
country comparison to the world: 9
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$3.019 trillion (31 December 2012 est.) $2.903 trillion (31 December 2011 est.) $3.107 trillion (31 December 2010 est.)
country comparison to the world: 6
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$157.3 billion (2016 est.) -$153.3 billion (2015 est.)
country comparison to the world: 196
[see also: Current account balance country ranks ]

Exports:
$412.1 billion (2016 est.) $436.2 billion (2015 est.)
country comparison to the world: 11
[see also: Exports country ranks ]

Exports - commodities:
manufactured goods, fuels, chemicals; food, beverages, tobacco

Exports - partners:
US 14.6%, Germany 10.1%, Switzerland 7%, China 6%, France 5.9%, Netherlands 5.8%, Ireland 5.5% (2015)

Imports:
$581.6 billion (2016 est.) $627.7 billion (2015 est.)
country comparison to the world: 6
[see also: Imports country ranks ]

Imports - commodities:
manufactured goods, machinery, fuels; foodstuffs

Imports - partners:
Germany 14.8%, China 9.8%, US 9.2%, Netherlands 7.5%, France 5.8%, Belgium 5% (2015)

Reserves of foreign exchange and gold:
$129.6 billion (31 December 2015 est.) $107.7 billion (31 December 2014 est.)
country comparison to the world: 19
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$8.126 trillion (31 March 2016 est.) $8.642 trillion (31 March 2015 est.)
country comparison to the world: 3
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$2.069 trillion (31 December 2016 est.) $2.04 trillion (31 December 2015 est.)
country comparison to the world: 3
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.975 trillion (31 December 2016 est.) $1.959 trillion (31 December 2015 est.)
country comparison to the world: 4
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
British pounds (GBP) per US dollar - 0.7391 (2016 est.) 0.6542 (2015 est.) 0.607 (2014 est.) 0.6391 (2013 est.) 0.6324 (2012 est.)