Economy - overview:
The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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 and the UK became a net importer of energy in 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. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, 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; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of ??375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

GDP (purchasing power parity):
$2.387 trillion (2013 est.)
country comparison to the world: 9
$2.343 trillion (2012 est.)
$2.341 trillion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.49 trillion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.8% (2013 est.)
country comparison to the world: 152
0.1% (2012 est.)
0.9% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$37,300 (2013 est.)
country comparison to the world: 34
$37,100 (2012 est.)
$37,300 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
10.5% of GDP (2013 est.)
country comparison to the world: 132
11% of GDP (2012 est.)
13.7% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 66.5%
government consumption: 21.4%
investment in fixed capital: 13.8%
investment in inventories: 0.4%
exports of goods and services: 31.1%
imports of goods and services: -33.2%
(2013 est.)

GDP - composition, by sector of origin:
agriculture: 0.7%
industry: 20.5%
services: 78.9% (2013 est.)

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, textiles, clothing, other consumer goods

Industrial production growth rate:
-0.3% (2013 est.)
country comparison to the world: 169
[see also: Industrial production growth rate country ranks ]

Labor force:
30.15 million (2013 est.)
country comparison to the world: 20
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.4%
industry: 18.2%
services: 80.4% (2006 est.)

Unemployment rate:
7.2% (2013 est.)
country comparison to the world: 76
7.8% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
16.2% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
highest 10%: 31.1% (2012)

Distribution of family income - Gini index:
32.3 (2012)
country comparison to the world: 104
34 (2005)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.023 trillion
expenditures: $1.112 trillion (2013 est.)

Taxes and other revenues:
41.1% of GDP (2013 est.)
country comparison to the world: 33
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.6% of GDP (2013 est.)
country comparison to the world: 138
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
91.1% of GDP (2013 est.)
country comparison to the world: 20
88.7% of GDP (2012 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 intra-governmental debt; intra-governmental 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
[see also: Public debt country ranks ]

Fiscal year:
6 April - 5 April

Inflation rate (consumer prices):
2% (2013 est.)
country comparison to the world: 71
2.7% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.5% (31 December 2013 est.)
country comparison to the world: 134
0.5% (2012 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.4% (31 December 2013 est.)
country comparison to the world: 157
4.22% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$111.6 billion (28 February 2014 est.)
country comparison to the world: 33
$101.8 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.881 trillion (28 February 2014 est.)
country comparison to the world: 6
$3.401 trillion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.636 trillion (31 December 2013 est.)
country comparison to the world: 7
$3.756 trillion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$3.019 trillion
country comparison to the world: 4
$2.903 trillion (31 December 2011)
$3.107 trillion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$93.6 billion (2013 est.)
country comparison to the world: 192
-$93.6 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$813.2 billion (2013 est.)
country comparison to the world: 5
$801.7 billion (2012 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Germany 11.3%, US 10.5%, Netherlands 8.8%, France 7.4%, Ireland 6.2%, Belgium 5.1% (2012)

Imports:
$782.5 billion (2013 est.)
country comparison to the world: 5
$777.6 billion (2012 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Germany 12.6%, China 8%, Netherlands 7.5%, US 6.7%, France 5.4%, Belgium 4.4%, Norway 4% (2012)

Reserves of foreign exchange and gold:
$87.48 billion (31 December 2013 est.)
country comparison to the world: 25
$105.1 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$9.577 trillion (31 December 2013 est.)
country comparison to the world: 3
$9.457 trillion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.557 trillion (31 December 2013 est.)
country comparison to the world: 2
$1.321 trillion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.884 trillion (31 December 2013 est.)
country comparison to the world: 2
$1.81 trillion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
British pounds (GBP) per US dollar -
0.6391 (2013 est.)
0.6307 (2012 est.)
0.6472 (2010 est.)
0.6175 (2009)
0.5302 (2008)