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    United Kingdom - Economy
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    How is the economy of United Kingdom? Based on the information we have, United Kingdom has a <p>high-income, non-EU European economy; global financial center and dominant service sector; sluggish growth from stringent monetary policy, reduced business investment, low productivity and participation rates; fiscal austerity in face of high public debt </p>. Key agricultural products in this country include: milk, wheat, sugar beets, barley, potatoes, chicken, rapeseed, pork, beef, oats (2023).
    More about the economy of United Kingdom
    Labor force 35.359 million (2024 est.)
    Industrial production growth rate -0.5% (2024 est.)
    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
    Population below poverty line 18.6% (2017 est.)
    Taxes and other revenues 27.4% (of GDP) (2023 est.)
    Fiscal year N/A
    Exchange rates
    CurrencyBritish pounds (GBP) per US dollar -
    Exchange rates 20240.782 (2024 est.)
    Exchange rates 20230.805 (2023 est.)
    Exchange rates 20220.811 (2022 est.)
    Exchange rates 20210.727 (2021 est.)
    Exchange rates 20200.78 (2020 est.)
    Reserves of foreign exchange and gold
    Reserves of foreign exchange and gold 2024$174.598 billion (2024 est.)
    Reserves of foreign exchange and gold 2023$177.915 billion (2023 est.)
    Reserves of foreign exchange and gold 2022$176.41 billion (2022 est.)
    Current account balance
    Current account balance 2024-$96.634 billion (2024 est.)
    Current account balance 2023-$118.354 billion (2023 est.)
    Current account balance 2022-$70.962 billion (2022 est.)
    Public debt
    Public debt 2023138.6% of GDP (2023 est.)
    Budget
    Revenues$1.211 trillion (2023 est.)
    Expenditures$1.442 trillion (2023 est.)
    Budget surplus (+) or deficit (-) N/A
    Remittances
    Remittances 20240.1% of GDP (2024 est.)
    Remittances 20230.1% of GDP (2023 est.)
    Remittances 20220.1% of GDP (2022 est.)
    Household income
    Lowest 10%3% (2021 est.)
    Highest 10%24.6% (2021 est.)
    Average household expenditures
    On food8.7% of household expenditures (2023 est.)
    On alcohol and tobacco3% of household expenditures (2023 est.)
    Imports
    Imports 2024$1.158 trillion (2024 est.)
    Imports 2023$1.114 trillion (2023 est.)
    Imports 2022$1.1 trillion (2022 est.)
    Imports (partners)China 13%, USA 11%, Germany 10%, France 5%, Norway 4% (2023)
    Comodities Imports forcecars, gold, crude petroleum, refined petroleum, natural gas (2023)
    Exports
    Exports 2024$1.117 trillion (2024 est.)
    Exports 2023$1.078 trillion (2023 est.)
    Exports 2022$1.041 trillion (2022 est.)
    Exports (partners)USA 14%, China 8%, Germany 8%, Netherlands 7%, Ireland 7% (2023)
    Comodities Exports forcecars, gold, gas turbines, packaged medicine, crude petroleum (2023)
    Real GDP (purchasing power parity)
    Real GDP (purchasing power parity) 2024$3.636 trillion (2024 est.)
    Real GDP (purchasing power parity) 2023$3.596 trillion (2023 est.)
    Real GDP (purchasing power parity) 2022$3.582 trillion (2022 est.)
    GDP (official exchange rate)$3.644 trillion (2024 est.)
    Real GDP Per capita
    Real GDP per capita 2024$52,500 (2024 est.)
    Real GDP per capita 2023$52,500 (2023 est.)
    Real GDP per capita 2022$53,000 (2022 est.)
    GDP - composition, by sector of origin
    Agriculture0.6% (2024 est.)
    Industry16.7% (2024 est.)
    Services72.8% (2024 est.)
    GDP - composition, by end use
    Household consumption61.3% (2023 est.)
    Government consumption20.5% (2023 est.)
    Investment in fixed capital17.6% (2023 est.)
    Investment in inventories-0.4% (2023 est.)
    Exports of goods and services32% (2023 est.)
    Imports of goods and services-33.1% (2023 est.)
    Unemployment rate
    Unemployment rate 20244.2% (2024 est.)
    Unemployment rate 20234% (2023 est.)
    Unemployment rate 20223.8% (2022 est.)
    Youth unemployment rate (ages 15-24)
    Total12.4% (2024 est.)
    Male14.9% (2024 est.)
    Female9.7% (2024 est.)
    All Important Facts about United Kingdom

    Want to know more about United Kingdom? Check all different factbooks for United Kingdom below.

    United Kingdom is found in Northern Europe