United Kingdom Economy - 2024

Economic overview

high-income, diversified non-EU European economy; sixth-largest importer and exporter; global financial and diplomatic leader; nominal consumption-led growth; high inflation and increased interest rates eroding purchasing power despite real wage growth

Real GDP (purchasing power parity)

$3.136 trillion (2022 est.)
$3.028 trillion (2021 est.)
$2.816 trillion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.1% (2022 est.)
7.52% (2021 est.)
-11.03% (2020 est.)

Real GDP per capita

$46,800 (2022 est.)
$45,000 (2021 est.)
$42,000 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$2,827,918,000,000 (2019 est.)

Inflation rate (consumer prices)

2.52% (2021 est.)
0.99% (2020 est.)
1.74% (2019 est.)

Credit ratings

Fitch rating: AA- (2020)

Moody's rating: Aaa (2020)

Standard & Poors rating: AA (2016)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.7% (2017 est.)

industry: 20.2% (2017 est.)

services: 79.2% (2017 est.)

GDP - composition, by end use

household consumption: 65.8% (2017 est.)

government consumption: 18.3% (2017 est.)

investment in fixed capital: 17.2% (2017 est.)

investment in inventories: 0.2% (2017 est.)

exports of goods and services: 30.2% (2017 est.)

imports of goods and services: -31.5% (2017 est.)

Agricultural products

wheat, milk, barley, sugar beets, potatoes, rapeseed, poultry, oats, pork, beef

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, textiles, clothing, other consumer goods

Industrial production growth rate

9.12% (2021 est.)

Labor force

34.637 million (2021 est.)

Unemployment rate

4.53% (2021 est.)
4.47% (2020 est.)
3.74% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 13.2% (2021 est.)

male: 14.6%

female: 11.8%

Population below poverty line

18.6% (2017 est.)

Gini Index coefficient - distribution of family income

35.1 (2017 est.)

Average household expenditures

on food: 8.1% of household expenditures (2018 est.)

on alcohol and tobacco: 3.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.7%

highest 10%: 31.1% (2012)

Remittances

0.11% of GDP (2021 est.)
0.12% of GDP (2020 est.)
0.15% of GDP (2019 est.)

Budget

revenues: $998.006 billion (2020 est.)

expenditures: $1.362 trillion (2020 est.)

Budget surplus (+) or deficit (-)

-1.9% (of GDP) (2017 est.)

Public debt

195.39% of GDP (2020 est.)
160.02% of GDP (2019 est.)
157.8% of GDP (2018 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 intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions

Taxes and other revenues

24.73% (of GDP) (2020 est.)

Fiscal year

6 April - 5 April

Current account balance

-$62.941 billion (2021 est.)
-$87.814 billion (2020 est.)
-$80.779 billion (2019 est.)

Exports

$874.5 billion (2021 est.) note: data are in current year dollars
$791.7 billion (2020 est.) note: data are in current year dollars
$893.1 billion (2019 est.) note: data are in current year dollars

Exports - partners

United States 13%, Germany 9%, Netherlands 8%, Ireland 7%, Switzerland 6% (2021)

Exports - commodities

cars, gold, gas turbines, crude petroleum, packaged medicines (2021)

Imports

$898.719 billion (2021 est.) note: data are in current year dollars
$783.438 billion (2020 est.) note: data are in current year dollars
$939.349 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 13%, Germany 11%, United States 8%, Netherlands 6%, Norway 5% (2021)

Imports - commodities

gold, cars, natural gas, crude petroleum, packaged medicines (2021)

Reserves of foreign exchange and gold

$194.181 billion (31 December 2021 est.)
$180.054 billion (31 December 2020 est.)
$173.569 billion (31 December 2019 est.)

Debt - external

$8.722 trillion (2019 est.)
$8.697 trillion (2018 est.)

Exchange rates

British pounds (GBP) per US dollar -

Exchange rates:
0.727 (2021 est.)
0.78 (2020 est.)
0.783 (2019 est.)
0.75 (2018 est.)
0.777 (2017 est.)