Economy of Britain

Economy of United Kingdom

The City of London is the financial hub of the UK and the world.
Currency	Pound sterling (GBP)
Fiscal year	6 April – 5 April
Trade organisations	European Union, OECD, AIIB and World Trade Organization
Statistics
GDP	$2.729 trillion (nominal; 2016)
GDP rank	5th (Nominal) / 9th (PPP)
GDP growth	+0.3% Q2 2017 ONS +2.1% for year 2017
GDP per capita	$42,106 (nominal; 13th; 2016) $42,041 (PPP; 27th; 2016)
GDP by sector	Agriculture: 0.6% Construction: 6.4% Production: 14.6% Services: 78.4% (2014 est.)
Inflation (CPI)	2.6% (July 2017) RPI: 3.6% (July 2017)
Base borrowing rate	0.25%
Population below poverty line	7% (2016 est.)
Gini coefficient	0.32 (2014)
Labour force	32.1 million (June 2017) (Employment rate 75.1%)
Labour force by occupation	Agriculture: 1.5% Industry: 18.8% Services: 79.7% (2011 est.)
Unemployment	4.4%, 1.48 million (June 2017)
Average gross salary	£26,500 / $34,000 annual, 2016
Average net salary	£21,100 / $27,000 annual, 2016
Main industries	List Aerospace Agriculture Automotive Business and professional services Chemicals Construction Consumer goods Defence equipment Education Electronics Energy Entertainment Financial services Food and beverages Healthcare Hospitality and leisure Industrial equipment Information technology Media Pharmaceuticals and biotechnology Processed metals Real estate Retailing Scientific equipment Telecommunications Tourism Transportation and logistics Utilities
Ease-of-doing-business rank	7th (2017)
External
Exports	$674 billion (9th; 2015 est.)
Export goods	List Manufactured goods Chemicals Food Beverages Tobacco Automotive vehicles and components Computer programming Finance Entertainment Clothes Fuel oil and petroleum products Industrial supplies and materials Military arms and equipment Pharmaceuticals Other.
Main export partners	2015:  United States 14.6%  Germany 10.1%   Switzerland 7%  China 6%  France 5.9%  Netherlands 5.8%  Ireland 5.5%
Imports	$724 billion (6th; 2015 est.)
Import goods	List Manufactured goods Machinery Fuels Foodstuffs
Main import partners	2015:  Germany 14.8%  China 9.8%  United States 9.2%  Netherlands 7.5%  France 5.8%  Belgium 5%
FDI stock	Inward: $1.321 trillion (2012)(3rd) Outward: $1.884 trillion (2013)(2nd)
Current account	−£96.2 billion (2015)
Gross external debt	$9,591 billion (2014) (2nd)
Net international investment position	−£182 billion / 9.1% GDP (2012)
Public finances
Public debt	£1.58 trillion (January 2016) (82.8% GDP)
Revenues	£744 billion (2017–18 FY) $965 billion (2017 est. CIA)
Expenses	£802 billion (2017–18 FY) $1.04 trillion (2017 est. CIA)
Economic aid	0.7%, £13.3 billion (2017) (donor)
Credit rating	Standard & Poor's: AA (domestic, foreign, and T&C assessment) (Outlook: Negative) Moody's: AA1 (Outlook: Negative) Fitch: AA (Outlook: Negative)
Foreign reserves	$159.34 billion (1 January 2016, IMF)

The economy of the United Kingdom is the fifth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest measured by purchasing power parity (PPP), and nineteenth-largest measured by GDP per capita, comprising 3.9% of world GDP. It is the second-largest economy in the European Union by both metrics.

In 2016, the UK was the tenth-largest goods exporter in the world and the fifth-largest goods importer. It also had the second-largest inward foreign direct investment, and the third-largest outward foreign direct investment. The UK is one of the most globalised economies, and it is composed of (in descending order of size) the economies of England, Scotland, Wales and Northern Ireland.

The service sector dominates the UK economy, contributing around 80% of GDP; the financial services industry is particularly important, and London is the world's largest financial centre.Britain's aerospace industry is the second-largest national aerospace industry. Its pharmaceutical industry, the tenth-largest in the world, plays an important role in the economy. Of the world's 500 largest companies, 26 are headquartered in the UK. The economy is boosted by North Sea oil and gas production; its reserves were estimated at 2.8 billion barrels in 2016, although it has been a net importer of oil since 2005. There are significant regional variations in prosperity, with South East England and North East Scotland being the richest areas per capita. The size of London's economy makes it the largest city by GDP in Europe.