Economy of the United Kingdom

Economy of United Kingdom

The City of London is the financial hub of the UK.
Currency	Pound sterling (GBP)
Fiscal year	6 April – 5 April
Trade organisations	European Union, OECD, AIIB and World Trade Organization
Statistics
GDP	$2.861 trillion (nominal; 2017) $2.757 trillion (PPP; 2016)
GDP rank	5th (Nominal) / 9th (PPP)
GDP growth	+0.6% Q4 2016 ONS +2.0% for year 2016
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)	1.8% (January 2017) RPI: 2.5% (December 2016)
Base borrowing rate	0.25%
Population below poverty line	15% (2014 est.)
Gini coefficient	0.32 (2014)
Labour force	31.85 million (January 2017) (Employment rate 74.6%, record high.)
Labour force by occupation	Agriculture: 1.5% Industry: 18.8% Services: 79.7% (2011 est.)
Unemployment	4.7%, 1.56 million (February 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)
Budget deficit	£56 billion (2016–2017 FY)
Revenues	£716 billion (2015–2016 FY) $1.030 trillion (2016 est. CIA-WFB)
Expenses	£772 billion (2016–2017 FY) $1.111 trillion (2016 est. CIA-WFB)
Economic aid	0.7%, $19.0 billion (2015) (donor)
Credit rating	Standard & Poor's: AA (domestic) AA (foreign) AA (T&C Assessment) Outlook: Negative Moody's: Aa1 Outlook: Negative Fitch: AA Outlook: NEGATIVE
Foreign reserves	$159.34 billion (1 January 2016, IMF)

The United Kingdom is the fifth-largest national economy in the world measured by nominal gross domestic product (GDP) and ninth-largest in the world measured by purchasing power parity (PPP), comprising 4% of world GDP. It is the second-largest economy in the European Union by both metrics. The UK is one of the strongest EU countries in regards to GDP growth, job creation and unemployment.

In 2015, the UK was the ninth-largest exporter in the world and the sixth-largest importer, and it had the second-largest stocks of inward foreign direct investment and outward foreign direct investment. It is one of the most globalised economies, and 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 78% of GDP; the financial services industry is particularly important, and London is the world's largest international financial centre.Britain's aerospace industry is the second- or third-largest national aerospace industry depending on the method of measurement. Its pharmaceutical industry plays an important role in the economy and the UK has the third-highest share of global pharmaceutical research and development. Of the world's 500 largest companies, 26 are headquartered in the UK. The British economy is boosted by North Sea oil and gas production; its reserves were estimated at 2.9 billion barrels in 2015, 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.